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Can I get a FHA loan with my husbands credit score of 588 and my score of 554? We will be putting at least 25% down. There are preconstruction homes and it will be completed in January 2018. However, we want to get pre approved and then put a deposit down to hold the unit. We currently own a home and want to sell to relocate. We live in Florida Our credit was run today for my VA loan which I did not qualify as it was too low, so I didn't know if we could go with an FHA loan. by jowens44338 from , Florida. Feb 20th 2017 Reply

Thomas Dasta (lendfm)
#32 ranked lender in Georgia - 55 contributions

You will have to get your score up. I can go as low as 580 for an FHA loan. I am licensed in Thomas Dasta678-571-7433

Feb 20th 2017

Not guaranteed with that score but you can work on raising your score by the time the loan is needed. You should start the application process ASAP.

Feb 20th 2017
Todd Glassman (Todd Glassman)
#1 ranked lender in South Carolina - 123 contributions

We can do down to a 580 score. John Crevia may beable to help you with your score being raised. Call him at 864-907-1089

Feb 21st 2017
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

More info needed.. Please, regardless of what other's are saying here.. do not get your hopes up!! For FHA, the minimum credit score is 500.. but FHA does not lend on homes.. they only insure loan's against default.. the lenders, or those with the $$$ can add additional guidelines above what FHA calls for.. it's these overlays that make lending different, one lender to another.. and for most, the overlay is 620 or above credit scores. But understand that the lower the score, the more strict the overlays, and few that apply actually get approved.. The real question is "Why"?.. Why is your score so low? BK? Foreclosure? Judgments? Unpaid Student loans? Unpaid Taxes? Collections? etc, etc, etc.. You could have a 750 credit score, yet with one of these credit deficiencies, you still might be denied.. So, without looking at the complete loan profile, it's impossible for anyone here to advise you.. Try contacting a local mortgage loan officer (stay away from big banks, they won't give you the time of day).. and let them look at your complete scenario.. Once they see the whole picture, they can advise you as to what steps would be necessary to obtain financing.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB012189

Feb 22nd 2017
Bill Cook (loanpro)
#664 ranked lender in California - 48 contributions

We can go down to a 500 credit score but 10% down is needed, which you have. However, your credit report will be scrutinized very hard that last 2-3 years. lf you or yoru wife has unpaid collections, judgements, consistently late on debts, then the lender can still deny the loan.

Mar 22nd 2017
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