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I am worried about my current credit score please advise

I am looking into purchasing a home. I obviously will need a mortgage, and am looking at FHA home loan. My current credit score is right around the 620 mark, the minimum for an FHA as i Understand. If I begin negotiations with a lender and they need to run my credit, will this negatively impact my score enough to cause me to be unqualified? Scottsdale,AZ | Jun 24th 2010
by brianmc...
Answer


by Colorad...

As long as the inquiries are all recognized as mortgage inquiries they will only impact your score as one. Let me know if you need a good referral for a loan officer in Arizona. Email at netherton@nc-mc if interested.Best of luck.

Jun 24th 2010
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by adennie

Hello Brian. The most IMPORTANT thing would be for you to get approved NOW since the approval is good for 90 days. In that time, DO NOT do anything credit related. ie...run more credit reports, take out new debt, run up credit card bills etc. We are National Direct Lenders and I would be happy to get you approved TONIGHT. adennie@fmbranch.com

Jun 25th 2010
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by Gerald ...

Hi Brian,Thank you for your question. Yes, you are correct that 620 is the minimum credit score that most lenders require for an FHA home loan. However, if you're shopping for a mortgage loan, then it will not negatively impact your credit score especially if you're shopping within a short period of time.Please let me know if we can be of assistance. Have a great day!Thank you,Shawn SajorExecutive Vice President GS Capital LendingAZMB# 0910135633 E Ray Road, Suite 135Gilbert, AZ 85296Office (480) 699-8813Fax (480) 899-1028Email: shawnsajor@gscapitallending.comWebsite: www.gscapitallending.com

Jun 24th 2010
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by

Good Morning we are accepting scores below 600 call me today 734-777-1158Daniel Helvey

Jun 25th 2010
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by

Have you had a lender/broker look at your scores, income, etc? That is the first steps.. Depending on where you live there are other products available to you. You may want to ask about the USDA 100% loan if your area has eligible properties.... Happy Funding.....

Jun 29th 2010
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