Q&A: does my credit score have to be in the mid 600’s to get approved fha with a mortgage company?

Posted on Sep 13, 2012 in FHA Information

A handful of nice chateau photos I identified:

Château de Fléville (France – Lorraine – 54)
chateau
Image by michellefouineur
Vue sur le parc du château.

If you would like to see much more homes click here…

Château de Fléville (France – Lorraine – 54)
chateau
Image by michellefouineur
Vue sur le parc du château.

If you would like to see a lot more houses click right here…

Château du Taureau
chateau
Image by monmimoun
Château du Taureau – Baie de Morlaix – Carantec

If you would like to see far more properties click here…
Question by : does my credit score have to be in the mid 600’s to get approved fha with a mortgage company?

if so, price what are the options I have? How do I get around the mortgage company. Do I go directly to fha lender.. Can somebody help with these questions.Thanks
chatsplas, cheapest I have more than 20% to put down, yes my credit maybe poor right now but I’ll say about 6 months from now I maybe able to pay it off…
The house that is.

Best answer:

Answer by chatsplas
NO, that’s too low for FHA.

Your options are PAY CASH, then there’s no lender to worry about, and your poor credit doesn’t matter.
Another choice, PUT DOWN 20% and avoid substantial extra costs of PMI, and lender will be willing to overlook your poor credit.
WAIT until you have repaired your credit. You do this the same way you destroyed it, one month, one payment at a time.
SAVE money for down payment. More you put down, the less you pay in interest over the life of the loan.

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3 Comments

  1. I heard recently FHA is now requiring 640 or higher score – conventional mortgage needs 660 or more PLUS a huge deposit

    you can’t “get around the mortgage company” – that’s ridiculous – THEY ARE THE LENDER – do you have 100% cash? if no, then you have to deal with the mortgage company and their requirements

    pay off your debt and wait

  2. We do FHA down to a 620 score. Technically FHA allows to a 580 But I don’t know anyone that is doing anything below 580. And before you ask. You can’t borrow directly from FHA. FHA insures the loans, it doesn’t actually lend the money. We will in theory go to a 600 score on conventional, but it would have to be a squeaky clean file. We’re talking 30% down, with 23% debt to income ratio, 12 months assets in reserve, really long term employment history, and no derogatory comments on the credit in the last 24 months. So no late payments, no collections, no charge offs, and no disputed accounts. I’m not really sure how you can have all that and still be below a 620 though.

  3. I have a lender that can go down to 580 credit score with no lates in the last 12 month. Check out my site and give me a call.