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my husband and i are trying to get ahome loan and are troubles his credit is good now that he has credit score is in the mid 600. i on the other hand had credit issue that has been improved and my credit score is 652 can we get approved though fha for a home loan.

gmakerley · Posted: Mon Jan 11, 2010 2:59 pm Post subject:

mid 600 means what to you? 605, 606, 607, 604? for most of us when we speak of the mid 600s we are talking about 640-660.

the general standard in these times is a minimum score of 620. you may find lenders willing to work with scores lower than that, but they're few and rather far between. better to bump that score if it's as low as 604 or 605, and wait a little bit longer.

as for getting approved, that also has a lot to do with income and other monthly obligations.

SSPINGARN · Posted: Sun Feb 07, 2010 10:30 am Post subject:

i agree with george but i do a lot of 620 plus scores there are still many lenders for this

bg0427 · Posted: Mon Feb 08, 2010 1:47 pm Post subject:

You should be ok for getting approved FHA. If your equity position is good enough you may qualify through fannie.

riseabove · Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)

a great place to start and get a feel for your options is to get a few quotes online from various lenders. you'll find out quickly and easily who will work with you and who wont without having to do a lot of work.

Bad credit can be a problem, but it's only one piece of the puzzle. The key really is to shop around and see what your options are. online quotes are fast and non binding but they give you a great opportunity for a "dry run" at the application process.

gmakerley · Posted: Mon Feb 08, 2010 8:51 pm Post subject:

it's nice to be able to shop around and feel out lenders, but at the same time, for those of us who originate, "rate-shoppers" are nothing but a waste of time. why would i want to spend an hour discussing rates and speculate where they'll be tomorrow - an hour i get zero dollars for - when i can be out doing something productive like working with a borrower who understands that obtaining a mortgage means working with someone who is trustworthy and will do right by his clients.

i have put in countless hours counseling, cajoling, fielding questions from, assuaging the feelings of, hand-holding, etc. too many people who didn't ever seriously consider making a purchase to begin with. if 10% of those who fit that category had actually closed, i'd be in the money today.

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