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xxdecaxx · Joined: 10 Jun 2009 Posts: 1 0.39 Dollars($)

can i get a fha loan with a score of 615? this is my middle score.

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

Hi, With a score so close to the min score of 620 in which fha loans look for. You may or may not be able to get the loan depending on the lender. Either way to get 5 more points on your fico will not be hard and can be achieved in a month by just paying something off or down. I dont see a huge problem being just 5 points short of 620.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Hi xxdecaxx,

Welcome to our forum.

You must have minimum 620 fico score is required to get FHA & you have 615 that means you have only 5 points to get qualify. Make some bill payments to add it.

Notice :- Do not apply for new credit card it will decrease your closer credit score.

Thanks & Regards.

gmakerley · Posted: Thu Jun 11, 2009 8:11 am Post subject:

undoubtedly...be patient and see what you need to do to bump yourself that 5 points. once you've taken care of some small business, your score ought to be at the level you need.

JKennedySLG · Posted: Thu Jun 11, 2009 9:13 am Post subject:

As George stated, you're right there credit wise. You only need 5 points which may be available immediately if you pay something down. If you are able and willing to wait for the increase in your score you will be qualified credit wise. There are a few lenders who will go down to 580, but they will be manually underwritting the loan on a case-by-case basis. In my opinion since your are that close to the 620 mark, you should not attempt the manual underwrite and increase in rate. Be patient. Ihope this helps...

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

xxdecaxx

Welcoem to the forum.

Please check your credit card balances, car loan and any other payments which you can pay it off quick.

This will help you to achive the necessary 620 score. It will take few days before it reflects.

Good luck and feel free to ask

Realgeni
-Good credit is easy to achieve, as long as you use it responsibly

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

Some lenders offer a rapid rescore report. This gives you a report that tells you what items you can payoff on your credit report that will give you the bump in score. 615 is certainly an approvable loan provided you meet all other loan criteria but evey lender I have seen has a fico pricing adjustment when your score is below a 620 so its definitely worth it for you to get that 5 point increase.

gmakerley · Posted: Fri Jun 12, 2009 8:25 am Post subject:

not sure of others, but we have a .25 bump for scores between 620 and 659. i would surmise that a score below the 620 threshold would cause an evern greater bump.

it's well worth the wait, which ought not to be so long anyway.

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

George who is that loan being sold to thats charging .25 for less than 660.

gmakerley · Posted: Fri Jun 12, 2009 8:35 am Post subject:

i don't know who our investor is - we are not privy to that information at this point.

kbkevin2009 · Joined: 28 Jul 2009 Posts: 68 17.69 Dollars($)

you may or may not qualify for FHA loan... it depends on your financial conditions and some other factors also... But, the best thing to do will be to get your equal to or above FHA min score i.e 620....

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