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mn1816 · Joined: 12 Jun 2010 Posts: 2 1.93 Dollars($)

My loan officer says she can but it could take up to 2 months i dont know if i can trust her.she had us pre approved on ashort sale when it came time to close we did not qauilfy because my credit score dropped from 623 to614 because of her in enquiries. shes told us a couple of ways to get points back we did just what she told us it was just a waste of time I feel like this could be another waste of time trying to get a fha loan from her HELP any advice would greatly be appreciated

sandrawilli43 · Joined: 11 May 2010 Posts: 43 10.41 Dollars($)

Hi mn,

Your score should be atleast 620 for you to qualify for a FHA loan. However, this does not mean that you are definitely going to get a loan if you apply for one. Whenever you apply for a loan or a new credit card, this can hurt your score, because of the hard inquiry. Thus, it is better to have a higher score.

You now need to improve your score so as to qualify for a loan. However, if you could have provided more information on your credit, it would have been much easier to help you in improving your score. If there are any negatives try to make payments on those, and remove the negatives through "Pay for delete" agreement. If there are any wrong listings, try to dispute those with the credit bureaus. This is going to help you improve your score.

Thanks,

Sandra

rita2 · Joined: 23 Apr 2010 Posts: 286 51.03 Dollars($)

Hi,

As per my knowledge in order to get an FHA loan you should have a credit score of 620. However, I would suggest you to wait for sometime and try to improve your credit score to atleast 670 to 700. If you have a good credit score then you will get good loan options like interest rate, down payment option etc.
All the best.

tfaulhaber1 · Posted: Mon Jun 14, 2010 8:00 am Post subject:

Your score can qualify for an FHA loan. There is no minimum credit requirement. Each investor/lender create their own minimum credit score to avoid risk. What's going on with your credit to bring it down to a 614.

Guest

Very good sharing this.

mortgageae · Posted: Thu Jul 29, 2010 5:03 am Post subject:

Most lender have a 620 to 640 standard minimum middle credit score.
With a 614 middle score you may be able to get your score over 620.

Ask your loan officer about "rapid rescoring" your credit.

Guest

I purchased a house in June 2010 w/a credit score of 585 (FHA). Got great rate and qualified for tons of help (in fact, did it in time for the rebate). Anyway, I recently checked my rating, it is now 614. Nearly 30 points. Interesting....

jerry · Posted: Tue Nov 02, 2010 2:41 am Post subject:

Hi Chane,

If you have paid your dues on time, it will have a positive affect on your credit report. That might have helped you in improving your credit score.

Thanks,

Jerry

Guest

My boyfriend, mother and i are trying to purchase a house, his credit is amazing, mine is 614 and mothers is worse, 563. is it possible for us to get approved for an fha loan?????

jameshogg · Posted: Sun Apr 10, 2011 11:25 pm Post subject:

Hi Sallie,

You and your boyfriend will be able to qualify for a FHA loan easily. However, your mother's credit score is not good. So, she won't be approved for a FHA loan.

Thanks

gmakerley · Posted: Mon Apr 11, 2011 12:17 pm Post subject:

FHA guidelines actually allow a borrower to have a score as low as 500. However, you won't find too many lenders willing to take a flyer on such a low score. In addition, loans now are decided by automated underwriting (Desktop Underwriting/DU), and you'll find that a score such as 563 isn't going to qualify unless there's some unusual overriding factors.

The elements that constitute a 563 score will be sufficient to disallow a lender from approving a loan.

If you are adamant about making a purchase, seek out a lender that will do what is called a portfolio loan. What that means, in essence, is that the loan will not be sold, but will be held by the specific lender.

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