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minimum fico

by jeffpa_243_607 from Houghton Lake, Michigan. Mar 4th 2013 Reply


Tyler Whyburn (OklahomaMortgage)
#21 ranked lender in Oklahoma - 24 contributions

Some lenders will loan at a 580 or 620, however if you get to a 640 or better you should have a lot more options.

Mar 4th 2013
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Patrick McCarthy (PatrickM)
#22 ranked lender in Ohio - 196 contributions

Hi Jeff:Most lenders are now requiring the lowest middle credit score of all borrowers to be 620 or 640, depending upon the type of loan needed or desired. Stonegate Mortgage requires a min middle score of 620 with an automated approval status or 640 to manually underwrite the loan. You can go to our website and locate a loan officer in Michigan that can help you.If you need to raise your scores to get to this level, I have been referring people to a "Pay for Performance" creeit repair company known as UTeam USA Credit REpair. There is a small registration fee and they only charge you once the item(s) are deleted from your report. Call Jeannie Mok at 614-774-5027. She can help anyone in the US. :)Good luck.Pat

Mar 4th 2013
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William J Acres (William_Acres)
#0 ranked lender in Arizona - 8,659 contributions

Generally, you need to be 640 or above, however there are lenders that will go down as low as 500.. With FHA if your score is below 580, you will need to put 10% down... and those lenders that will lend to 500 borrowers have heavy restrictions, and most won't qualify.. You're much better off getting your score over 640... it will open the door to much more options... Keep in mind that it takes more than a sufficient credit score to get mortgage financing... income, job time and job type, reserves, and down payment sources, past credit, judgments, foreclosures, BK's etc.. are all considered along with your credit score... 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

Mar 4th 2013
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,821 contributions

Everybody has a minimum FICO. Every Lender has a minimum FICO they are willing to go as low as and still lend. Every loan product also has a minimum FICO to be eligible. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Mar 4th 2013
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Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

Generally, the minimum FICO is 640 but it depends on your down payment and loan program. Some programs can go down to 620

Mar 4th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

I only lend in NM where I am licensed but have the ability to approve FHA and VA loans down to a 530 mid score with some restrictions. If under 600 I always recommend looking into working with a local and reputable credit repair co. to increase it. You should see a MI licensed loan officer on this forum who may be able to recommend one or more to you if needed.

Mar 4th 2013
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Gus Dahlgren (gdahlg_811_422)
#34 ranked lender in Michigan - 48 contributions

640 is preferred but we can do a 620 on a FHA loan. Call me if you have any more questions. Gus Dahlgren517-489-2440

Mar 4th 2013
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Linda Miller (Linda Miller)
#0 ranked lender in Utah - 566 contributions

As mentioned, some lenders will go down to 580 but your interest rate will be higher and the loan will be more difficult to get through. Best if you can get your score to 640 either through your own efforts or working with a reputable credit repair company. You will get a better rate and have more options at 640 with FHA.

Mar 4th 2013
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Joe Metzler (JoeMetzler)
#0 ranked lender in Minnesota - 3,895 contributions

Depends on what program you are looking at, and more... But realistically, if your score is below 640, you should stop thinking about buying a home and work on credit. Once over 640, then apply.

Mar 4th 2013
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 792 contributions

We have lenders that go down to 500-520 and FHA 90%

Mar 4th 2013
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Jack Cyrul (Jack Cyrul)
#5 ranked lender in Michigan - 94 contributions

620 on up is best so if you are below this call me and lets see what we need to do to get your scores up. Jack C. at 734-395-9027

Mar 4th 2013
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Raymond Denton (Raymond)
#10 ranked lender in Ohio - 224 contributions

Prime Lending will do 580 with FHA and 3.5% down.

Mar 4th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

The higher the credit score the better your interest rate will be. Their are lenders that will qualify you with a 560 middle credit score for an FHA loan. You will need to put down 10% on any FHA loan below a 580 credit score.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Mar 4th 2013
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Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 527 contributions

Most Lenders will require a 640 on Government Loans and a 660 on Conventional. Based on individual circumstances it is possible to obtain lending with a lower score. For instance, MSHDA does not have a minimum score requirement, but instead looks closer at the items that appear on the credit report. FHA will also allow a lower score than 640, but has additional qualification requirements and some investors have a minimum score requirement even though FHA does not. You need a lender to look at your credit and give you direction. There is much more involved in qualifications than the score itself.

Mar 4th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

For Which Program?

Mar 4th 2013
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Joe Shamie (Joe Shamie)
#0 ranked lender in New Jersey - 1,412 contributions

Wea re licensed in all 50 states with a min FICO requirement of 640.

Mar 4th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Depends on the program and compensating factors.

Mar 4th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Most lenders want 620 mid score, for the best programs.

Mar 4th 2013
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VERY Frustrating, as reason for low FICO of 580 or so was a Chapter 13 Bankruptcy, due to wife's Kidney Transplant, that went wrong, leaked for 5 months, then had to be re-done, then she lost her job of 22 years and the income. CH 13 is REPAYMENT of Creditors, Discharged 21 months, PAID EVERYONE BACK! We both now have Soc Sec & Pensions of over $5,000 a month, $1231 in Bills, living in the home paying $775/month on a Lease-Option, which FHA now has a Program for, never missed a payment, put 5% down, but that DMN FICO Score prevents us from financing and lowering our payment by $225 per month, which we ould spend elsewhere, helping the economy. MEANWHILE....1.) Delinquencies on mortgages are at an all-time LOW2.) Lenders are sitting on piles of cash, waiting for........???WHAT?3.) FHA requires a 580 FICO,... but NO LENDER WILL GO UNDER A 6204.) 42% of ALL mortgage applicants have a FICO between 530 and 6005.) The entire industry is excluding that 42% of the entire market6.) We need a law that says if you provide FHA loans AT ALL.. you MUST follow FHA GuidelinesThat is.. unless the industry does NOT want to recover... does NOT want the economy to recover more. UR KILLING US OUT HERE!$5000/mo Income > Social Security & Pension$1211/mo Debt > ALL$100,000 Home Value$ 78,000 Loan neededFICO 565-580If anyone can help us.... Please Reply. I know all the BS about "Raising your FICO"

Mar 4th 2013
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,821 contributions

It appears that your problem has more to do with you not taking the steps to re-establish your credit. After nearly two years out of a 13, your credit score could have easily climbed into the mid 600s (640-660), making you eligible for a loan. Contact a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. Many of us have the knowledge to help you get your credit cleaned up. It takes effort on your part, but if you apply yourself, you should see success not too far down the road. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Mar 4th 2013
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"It appears you have not taken the steps to raise your FICO Score"BS..BS..BS... EVERYONE knows that today the "Credit Reporting" industry is a scam.It was on 60 minutes in February. They all load-up your report with incorrect BS, then you try to fix it,then the Trolls come-out, "Credit Repair" businesses, who are OWNED by the Reporting Agencies,and who charge you to remove stuff, then put it right back next month. We need NEW LAWS....1.) You have 50% control of BOTH your Reports AND your FICO Scores2.) Free Reports AND FICO Scores every three months3.) Re-setting of ALL FICO Scores to REFLECT TODAY'S REALITY.4.) Cap on Realtor commision of 2% or $3,000 - whichever is lessUnless/Until the entire Housing Industry, from Credit Agencies to Lenders get their act together,this economy, via a FAILED housing market, will falll back into Depression... THEN NONE OF YOU WILL HAVE ANYTHING TO DO!!!

Mar 5th 2013
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Robert Hanson (rhanson)
#38 ranked lender in Maryland - 646 contributions

I can work with you down to a score of 560 and I lend nationally. If you wish to go over your options and look at getting pre-qualified feel free to contact me. Leave a voicemail at 301-651-7822 or email me at robhanson@emortgagegroup.com. Thanks and good luck!

Nov 18th 2013
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Irv Brockington (CoachIrv)
#60 ranked lender in Pennsylvania - 4 contributions

620

Dec 14th 2013
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