What are my chances on getting approved?

[Anonymous]

Hello, this is my 1st time in forum. I would appreciate a little insight. My last FICO score (4 days ago) was 601. My gross annual salary is little over 80K. I can go either VA Loan or FHA, i still have to determine which one is more beneficial. Looking to buy a home in Texas, around 120-180k range. What do you think?

[Anonymous]

Your FICO score may be too low.  I keep reading that 620 is the lowest for FHA.

[Anonymous]

I think i've heard VA is better, if you qualify.

You only posted one score, there are 3 bureaus although only two scores are available now. When applying for a mortgage they use your middle score. So if 601 is your lowest score and the other two are over 620 you'd be in good shape. But if it's your highest or middle, you could have some problems. I don't know much about the requirements for VA loans though.

[WannaHouse]

VA offers the best as far as I know. It is not score driven either. (From what I have read)

You income seems more than sufficient unless you have alot of debt.

[Anonymous]

When I was denied, I emailed FHA inquiring about credit scores, as the mortgage lender told me FHA does not approve under 600.  FHA emailed me back and said they have no minimum credit score requirement - rather the company you are getting funding from does.  My score was 590 and I was denied. 2.5 months earlier mine was around 620 and I was approved.  Companies are really watching who they lend to. 

[Anonymous]

THey will also be leary of your credit drops as it shows recent issues.  So, say you had 650 and then 2 months later you are at 620, the UW still might deny you just for the FICO drop.