Posts Tagged "600’s"

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

on Sep 13, 2012 in FHA Information | 3 comments

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 chatsplasNO, 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. What do you think? Answer below! Q&A: does my credit score have to be in the mid 600's to get approved fha with a mortgage...

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