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Guest

hello- i am looking to buy and i spoke with a broker and he said he cant help me because my credit score is a 550. My Father is willing to co-sign and he is giving my 10000 plus i have between 2-5000. So is there really nothing that i can do until my credit is fixed? I live in upstate NY.

jenkin7 · Posted: Mon Sep 21, 2009 10:30 pm Post subject:

Hi Stephanie,

It is quite difficult to qualify for a home loan with 550 credit score. The credit requirements are quite strict these days. You need to have a minimum of 620 credit score to qualify for an FHA loan. For a conventional loan, you need a score of 700+. Even if your father co-signs on the loan, it cannot help you get the loan. A co-signer can help you qualify if your income is insufficient. He cannot help you in case your credit is not good enough for qualification.

I think you should wait for a few more months and work on your credit. Pay your bills on time, pay off your credit card and other debts, and remove the derogatory items from your credit, if any. This will help you improve your credit and enhance your chances of qualifying for a loan.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

You cannot get loan for 550 credit score.

You need to work on improving your score to atleast 620 to get a FHA loan

Guest

I read this time and time again. To say a FHA loan requires a 620 credit score is a FALSE statement. Credit requirements on FHA loans differ from lender to lender. We require a 550 minimum credit score on purchase transactions. Obviously, adding a co-borrower with a better credit score will make the loan stronger but, achieving a loan with a 550 score IS obtainable.

greggwyburn · Joined: 13 Sep 2009 Posts: 60 0.00 Dollars($)

it is strage. till now we have seen that min 620 credit score is must for FHA loan.

Theo Faulhaber
Will you suggest some of lenders, who are offering FHA mortgage with 550+ Credit Score

gmakerley · Posted: Sat Sep 26, 2009 9:52 am Post subject:

theo, most lenders have tightened up, and 620 has become a pretty standard marker. i recognize that there are those who can work with lower scores, but i'd have to think that companies such as yours are few and far between.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Teh change for minimum 620 requirment was effective from march 6th 2009

Before that as of Feb 2009 the requirments was to ahve 580 credit score to qualify for FHA loan

kim090807 · Joined: 20 Sep 2009 Posts: 55 -0.01 Dollars($)

But some local lenders are still provide FHA mortagage below 620 credit score.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Who are these local lenders kim?

gmakerley · Posted: Mon Sep 28, 2009 7:29 am Post subject:

but of course "local" is all dependent upon where someone is located.

i think some are in neverneverland

stev998 · Joined: 27 Sep 2009 Posts: 19 -0.12 Dollars($)

hi,
stephenie you cannot get loan because your credit score is less you want to improve your credit score first after that whe you score is 620 then you get loan and your prooblem will be solved.or u can check locall lenders.

Guest

George, That is true but, at the end of the day, there are still lenders out there that will lend on sub 620 credit scores. Obviously, there has to be compensating factors, LOE's for previous problems, ETC, but I'm doing them all day long.

SUB 620 LENDERS
LEND AMERICA
First Guranty (Sorry if I misspelled their name)
FAMC
Mid Island Mortgage
Several others but, I can't remember off the top of my head. I will reply with more later.

[Email address deleted as per forum rules]

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