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Company Loan Type APR Est. Pmt.

FHA loans at 620 score?

Posted on: 21st Jan, 2013 12:09 am
Hi there… are FHA loans available at a 620 credit score now? When I applied, I didn’t receive a clear cut answer from the lender. They say that I will have to give paystubs covering 30 days, recent bank statements, tax returns, gifts funds are not allowed, 3 months reserves of PITI. Payment shock not greater than 20%, verification of rent with no late payments in past 1 year, etc. I need to know will I be able to qualify for the loan.
Along with your credit score of 620, you have to fulfill other criteria so as to qualify for the FHA loan. You have to fulfill eligibilility criteria in regard to employment, income, down payment capability, assets etc.
Posted on: 21st Jan, 2013 01:02 am
Hi Lemony,

The lender has mentioned all the basic requirements that you need to fulfill in order to get a loan. 620 is the basic score required to get qualified for a FHA mortgage. But now a days, many FHA lenders are asking for 640 credit scores.

Take care.
Posted on: 21st Jan, 2013 01:16 am
Lemony to determine if you can get qualified you need provide all that information to the loan officer and have them run/review your credit.
Posted on: 21st Jan, 2013 11:09 am
For FHA loans the federal government has removed the risk for lenders by insuring these loans. If you went out and tried to get a traditional mortgage, you'd need a credit score of at least 680. But if you apply for an FHA loan, with a score lower than that you qualify subject to meeting other requirements.with your credit score you have a higher chance of qualifying for the loan.
Posted on: 24th Jan, 2013 02:02 am
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