Posted: Sat Jan 03, 2009 5:08 pm Post subject: Is it possible to get FHA loan with score less than 580?
The lender we are working with won't use me on the loan because my score is a 537. My husband's is over 580 so they want to just use him. The only problem is that limits our purchase to $50000 or less. We did find a HUD home that we are bidding on for $50000 but if they don't accept it we will have to figure something else out. Any suggestions? I am trying to raise my score but it takes time. Thank you.
With a credit score of less than 580, it will be difficult for you to get a loan. You can check if someone can co-sign for the loan. If you can find a co-signer with good credit score, then the lender will be able to give you a loan.
Posted: Mon Jan 05, 2009 8:18 am Post subject: Hello PWD
Their are a few FHA lenders that offer mortgage programs down to a 500 score. First try giving Countrywide a call. If they say no give me a call at I give you a list of five other lenders to call.
Posted: Mon Jan 05, 2009 4:59 pm Post subject: HUD home purchase with score under 540
Brian do you have an email address? I would like to know those lenders. My husband is approved with a 582 but we need me on the loan for income. Thanks
You can speak to the lenders of this community and seek a no obligation free mortgage consultation. They will tell you about the rates and conditions that you can expect to get. They will also help you to know about the market rates and terms which will help you to understand whether you will get a mortgage or not.
Posted: Wed Jan 07, 2009 8:49 pm Post subject: Email address
Sure, my email address is "Brian@MortgageAE.com"
[Link deactivated as per forum rules. Thanks.]
Clayton Guest
Posted: Mon Jan 19, 2009 11:57 am Post subject: credit score under 580
My credit score is at a 567 and my other half is at 628 and they said that we would have to wait to refinance once my credit score was above 580 is there somewhere they we can get this done and still be in the 5 percent range.
The minimum credit score required to get FHA loan is 620. I don't think there are lenders who would give loans to people with a low credit score of 540. You will have to improve your credit score first and then look out for loans. To know more about improving your credit score, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks. _________________ Good is the Enemy of Great.
Hi My credit score is 720 with a short sale 4 months ago..that is reported as a paid and current, closed state. Only negative showing in the report is 3 months late payments. How do lenders see me in getting a loan 4-5 months down the road? my score dropped to 670 in december but picked to 720 by March 1st week. I would be interested to know if at all I can get a loan now or how long I need to wait before buying again? Is there any mortgage professionals out here that can help me in my scenario?
A short sale is often considered no less than a foreclosure which is why you will have to wait for almost 3-4 years before lenders would show interest in lending you money. However, your credit score is good. You can qualify for a loan, though you may have to make a considerable amount of down payment and you may be charged a high interest rate. You can seek a No Obligation Free Mortgage Quote with the lenders in this community. Once your credit score and other factors match the lenders' requirements, they will contct you in order to provide you with a no obligation free mortgage quote.
FHA Loan Programs down to 530 FICO with a few lenders. Below that is tough anymore. _________________ James Kennedy
RBI Home Loans
Bellmore, NY - Matawan, NJ
(888)724-0955 - (732)290-1888
Qualify NOW: www.YourLowerRates.com
580+ Credit ~ 3.5% Down Payment
540+ Credit ~ 5% Down Payment
500+ Credit ~ 10% Down Payment
JonathanV Guest
Posted: Mon Apr 20, 2009 5:27 pm Post subject:
Does anyone know what is the minimum amount of income I can report and still qualify for a loan between 100,000 and 120,000. In 2004 I made $611 and in 2005 and 2006 I didn't work until 2007 and that year I made $3,400 now in 2008 I think I made alittle more than $10000 does anyone know if this is enough to be able to qualify or would should I have made more last year to qualify and if so how much? Thanks in advance.
jonathan, even if you are making $12000 per year, that's only $1000 every month. the highest monthly payment anyone is likely to allow you to have is $350 or less. honestly, that's not going to buy you a home anywhere near $100,000.
you definitely should have made more last year, and this year, too. you're poverty level, aren't you? _________________ George M. Akerley
Loan Consultant
860-221-5044
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