Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Can I get a loan with 540-80 score?


My name is Phatima my credit score is 540 and I am looking at buying a 4 unit apartment complex for an investment and for my primary home. The asking price is $89k is this out of reach based on my credit score? I have been working with a Realtor who has advised me based on my credit report that after disputing some inaccuracies on the report my score would rise to 580.

Unfortunately he said I needed at least a 620 to get in the game. I make about $3000 a month and have been on my job over three years. I was told I would have to put at least 3% down on the property if my score was 620. I have money saved for a down payment but finding lending is the issue. Can you please share information with me as far as what I would need to do in order to get a loan in the near future if at all possible.

Thank You

Phatima Newton

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

phatima you'd need reserves if and when you make such a purchase, also. fha loans require the following: 3.5% down payment, 3 months' reserves (the monthly payment X 3), 620 credit score, plus (of course) sufficient other assets to allow you to pay for the closing costs.

your income and the price of the house seem to be a good fit, depending on what, if any, other debts you have on a recurring basis.

Like | Dislike | Share | Posted: Thu, 03/26/2009 - 13:46 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Phatima,

I agree with George. A minimum credit score of 620 is required to get a FHA loan. In order to get a mortgage in the near future, you will have to improve your credit score. To know more about improving your credit score, check out the following link:


Like | Dislike | Share | Posted: Thu, 03/26/2009 - 19:44 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Phatima, my husband and I just secured a FHA loan with a score of 600. Our interest rate would be a bit better had our score been higher but it can be done. According to what we were told the score had to be at least 580. Minimum down is 3.5%. Good Luck!

Like | Dislike | Share | Posted: Sat, 04/18/2009 - 22:05 | Post subject:

Page loaded in 0.109 seconds.