Credit score

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I have read on this site that you need a 620 minimum to get an FHA loan. Is that the only considering factor? On our credit report, Experian was 665 but TU was only 610. I've heard they take the middle score which for us is the 610. We have paid everything on our credit report off except one disputed bill for $174. There are three other items on my report that a bank credit specialist said we should dispute. These are only on my report so disputing them will only raise my score up to the same as my husband's 610.
On the other hand we have a $75,000 piece of property as collateral (we are looking for an FHA construction loan) and $10,000 in the bank for a down if necessary. We make $66,000.00/ year and don't have any debt except my student loan which has a payment of $210/month.
We will probably go talk with a banker on Monday, but any insight would be greatly appreciated!

raeannfritsche · Joined: 12 Mar 2010 Posts: 6 3.05 Dollars($)

I've signed up now...so I am no longer a guest

adonis · Posted: Fri Mar 12, 2010 11:41 pm Post subject:

Hi raeannfritsche,

620 is the minimum credit score that is required to get a FHA loan. Apart from this, you should not have much negative items on your credit report in order to qualify for a loan. You should also have a down payment of 3.5% in order to secure a FHA loan. If you meet the required criteria of the lender, you would definitely qualify for a loan.

banker0679 · Posted: Sat Mar 13, 2010 8:42 am Post subject:

What happened to the Equifax score?

there's 3 scores
Equifax, Transunion, Experian

610, 665, 660...they would use 660

610, 665, 660 wife's scores...660 is middle
700, 680, 720 husband ... 700 is middle

then they get the lower of the 2 scores....which would be 660

jveenstra · Posted: Tue Mar 16, 2010 10:38 am Post subject: FHA

I am not familiar with FHA doing construction loans.

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