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looking for a FHA loan. What is the lowest credit score I can have? Currently I am at about 590 and wife is at 630.

by brandon.clark262 from Milton Village, Massachusetts. Oct 13th 2016 Reply


Hi Brandon, most lenders usually want a 620. However we can go down to a 580 so you should be okay. I'm local to you here in MA. Shoot me your contact info and I we can connect tomorrow to discuss and I can answer any other questions you may have. My email is: jarred@betterfinancing.net

Oct 13th 2016
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Steven Karp (stevek81)
#29 ranked lender in Massachusetts - 113 contributions

Hi Brandon...Jarred is correct...most lenders do want a minimum 620...there are a few of us who do go down to the 580....we are also one of them....as an FYI...credit must still be pretty decent for the past 12 months... and any current credit collections must be paid off too...other than say Medical bills.....bottom line is other factors are considered with that 590 credit score...you will need to at least chat with some of us loan officers to get the full picture.......call/email any of us...skarp@homeloanbank.com

Oct 13th 2016
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Robert Oliveira (roberto)
#13 ranked lender in Massachusetts - 86 contributions

Hello Brandon most lenders and banks want 600 you can do at 580 but with 580 your total debt to income ratios are capped to 43% max total debt to income where as the normal above 600 score can go to 50 to 55 % max total debt to income levels so call me for more detailed info I am a local bank and do specialize in this and also a realtor so can help with all info and also specialize in credit repair call me 508 802 0935 Rob Oliveira Rockland Trust

Oct 13th 2016
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Joe Metzler (JoeMetzler)
#22 ranked lender in Minnesota - 3,262 contributions

Most FHA lenders allow only down to 620. While true that a very small number of lenders that say they will go lower do, generally you'll have an extremely difficult time below 620. My advice is to stop trying to get a loan for the moment, and instead, work on improving your score. Once you've done that, then go back and try for a home loan. For FHA loans in MN, WI, and SD, visit me at www.JoeMetzler.com

Oct 14th 2016
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