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lilowe87 · Joined: 23 Apr 2009 Posts: 1 2.13 Dollars($)

can you tell me where to go?

gmakerley · Posted: Thu Apr 23, 2009 10:21 am Post subject:

you need a 620 score currently to qualify for an fha loan.

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There is no way for a mortgage broker to work with a person who has say as a 615 or something like that because my husband and I both have less than perfect credit, but we are paying on our credit cards and have been paying on them on time and never made late payments...

gmakerley · Posted: Thu Apr 23, 2009 11:30 am Post subject:

liz, a quality loan officer will work with you, yes, of course. if you're only 5-10 points shy of the needed 620, it ought not take very long for you to reach that threshold.

donnabagley · Posted: Thu Apr 23, 2009 1:07 pm Post subject: score needed

If I may ask what is your score now. I work with a few lenders that are still lending at 580. There are also a couple that will go down to 560. Often times these are a little more difficult to get done. However, they are doable. The preferred score is 620.

gmakerley · Posted: Thu Apr 23, 2009 1:10 pm Post subject:

donna, 620 is our bottom line. it's all investor-driven these days and what they'll stand for. as we know, fha is a lot more liberal in their attitudes, but most of us are investor-driven. i know of one lender (in PA) who can go to 600.

i thoroughly understand what you mean about working with customers whose scores are below 600 - lots of them are eminently workable.

donnabagley · Posted: Thu Apr 23, 2009 1:16 pm Post subject: Scores

Hello George, I am new to this site but I have worked in this industry for 30 years. I am based in Texas but I work with a company that is licensed to do business in many of the states.

It is not my intention to misdirect anyone. Just to let them know that it is possible to obtain financing with scores below 620. I am closing a loan on Monday for a man in Missouri with a 575 score.

Just because things are not as easy as they were at one time does not mean they have become impossible. Forgive me for stepping on your toes.

gmakerley · Posted: Thu Apr 23, 2009 1:21 pm Post subject:

no sweat, donna. if folk can get what they need with reasonable pricing, etc., i'm all for it.

if i could help out my 575 borrowers, i'd be happy to do so also. my toes still feel okay to me.

elnoralittle · Posted: Thu Apr 23, 2009 5:53 pm Post subject:

620 is the lowest we can go.
but if you are at 615, with a loan officer that has a good understanding of credit, you may get your score there with just a few steps.

One way is to pay down a credit card to 70% of it's value.
Another is to pay off a small debt.
keep things simple.

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Yes over here in california mostly all are mins 620 score. I have heard a few though going through at 600..

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I work for one of the largest FHA lender in the country.

If anyone is interested, do not hesitate to contact me. Everyone is welcome!!

[Promotional text and e-mail address deleted as per forum rules. Thanks.]

gmakerley · Posted: Fri May 01, 2009 2:50 pm Post subject:

refi fha please refer to your other post on the mortgage know-how forum. please don't advertise and use your email address. it is contrary to the guidelines and the spirit of this website community.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

You cannot stop them. They will do what they need to do.

Just ignore them.

I wish the system could detect it and remove it automatically.

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i am based out of texas and locally cannot find any financing for under 620 i heard about ditech, are they any good?

gmakerley · Posted: Wed May 20, 2009 6:36 am Post subject:

i surmise that it was you, john351, who asked about ditech in another post, discussing a credit score of 587. if so, please review the answers you received there. 620 is the minimum for fha loans, no matter who the lender is.

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What score is needed to get a fha loan?