Forgotten Your Password?

Need to Register?

Question Icon

Can i get a fha loan if my fico score is 588 and my husbands is 546?

Can i get a fha loan if my fico score is 588 and my husbands is 546? by alanm3_268_685 from Tampa, Florida. Apr 17th 2012 Reply


Most lenders require at least a 600 score to fund an FHA score with better rates beginning 620.

Apr 17th 2012
0
0

Our Company is a direct lending mortgage bank in 47 states who happens to do FHA insured loans forborrowers with mid fico credit score down in the 500s. However, we can allow for 3.5% down paymentonly with a 580 score or higher. Otherwise, you must put down at least 10%. The reason we can do it is becausewe have a rating system of your strengths as a borrower wherein the credit score is number 5 on our listof important qualifying criteria. Please do email me for more information. I can hook you up with a licensedand experienced FHA specialist in your area. We handle each other's borrowers from out of our own states,and my territory is California, but again, I will glad to get you set up with a professional in Florida.As to rate for 580 to 639 FICO scores you can get just half a point higher than the standard FHA loan. Soif one gets 3.75% on a 640 or higher score for a 30 yr. fixed, you can get 4.25%. I thought it was amazing i could do rates down in the "5s" several years ago when it was the lowest rates in 40 years!

Apr 17th 2012
0
0

There are lenders out there that will go down to 500.. The rate is a little higher, but there is a loan product.. the real questions is... why is your credit scores 588 / 546? Depending on what type of credit is lowering your score is the real issue. Best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders... the LOCAL broker is familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Apr 17th 2012
0
0

Hello, I am a local, Palm Coast, FL based mortgage broker/LO. I have FHA products in Florida down to 530. However, a full review of your complete application must be made before I can say the loan will be approved/close.Steve Verrierwww.thefloridamortgagecenter.com

Apr 17th 2012
0
0
by

Only if you have a good reason for your score for being so low. More than likely, you will be able to find someone that can go that low with the scores, but it's going to be a bumpy ride with some strict guidelines. good luck.

Apr 17th 2012
0
0

Yes, there are lenders that will accept you, but it's not really about the score, its about what is in your credit profile that is creating the score. Your best bet is to work with a local Mortgage Banker/Broker to find out exactly why your score is where it is. You will probably find that certain items in your credit profile will have to be resolved. In turn, resolving those items will probably bring your score up to a level that allow you to obtain the best interest rates for an FHA loan. Make sure you check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Apr 17th 2012
0
0

Yes, you can obtain a FHA loan with a 540 just a higher down payment say around 10%. And with a 580 you can get a FHA loan w/ 3% down payment. They you also be approved for up to 45,000 in grants. Hope this helps.

Jul 31st 2012
0
0

Didn't find the answer you wanted? Ask one of your own.

Get an answer
Subscribe to our news feed.