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My credit score is 639, can I still get an FHA loan

I live in Texas....my credit score is 639....I have had 3 different jobs over the past 9 months....been at this one for 4 months and not planning on going anywhere else....Seller has accepted my offer...I am able to put down 10k and want to finance the balance of $155K...the lender I am working with suggests I wait another 30-90 days so that my credit score will be well above the 640...however, I want this house....any suggestions?McKinney Texas by ljsagent4u196 from , Texas. Oct 9th 2013 Reply


that's actually ljsagent4u@gmail.com

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

Not all lenders will offer FHA loans under a 640 mid score but some will. Mortgage lenders that are not affiliated with banks are your best bet.

Oct 9th 2013
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Adrielle Edwards (AdrielleEdwards)
#906 ranked lender in California - 96 contributions

Different lenders have different standards. If you really want this home you may want to shop around to find a lender who will lend at your current score. However, you should keep in mind that the lower score will affect your rate. Your lender gave you good advice by suggesting you wait but if you feel you will really be missing an opportunity by not purchasing this home, speak to your lender fist and if they are unable to do the loan, look elsewhere.

Oct 9th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,455 contributions

Your probably using a bank, not a mortgage broker. Banks have one loan program... if you don't fit in their small confined box, you don't get approved.. Brokers on the other hand work with numerous lenders with varying lending programs and guidelines.. the broker is experienced in seeking out the best loan terms for your particular scenario.. While most lenders require 640 or above, there are many lenders out there who will go lower.. some as low as 580.. with the limited details you provided, it 's hard to say if you can or cannot get a loan, but if the only issue is the low credit score, you should have no problem If you find a local broker and apply with them.. .. 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

Oct 10th 2013
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I have a great suggestion that will get you the home. Please call me at 214-771-8696 my name is David

Oct 9th 2013
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You can qualify with a 620 credit score. You can call me at 214-733-6899. Ask for Tim

Oct 9th 2013
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Richard Woodward (RichardWoodward)
#42 ranked lender in Texas - 106 contributions

I can do that loan for you as long as you have perfect pay history on all your open account over the past 12 months. Call me know.

Oct 9th 2013
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Richard Woodward (RichardWoodward)
#42 ranked lender in Texas - 106 contributions

I can fund this loan for you now as long as you put 5% down, have had perfect pay history on 3 open lines of credit and you complete a home buyers education class. Call me now. 972.661.5136

Oct 9th 2013
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As a mortgage broker, I have access to several banks that work with borrowers that have 639 to 560 credit score. Call me 214-886-2898

Oct 9th 2013
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Yes, most lenders can go down to 620. I see a lot of brokers are offering their services, shop around and get the best rate. Please allow me to give you a quote and compare. Lenders sometimes will take advantage of lower score borrowers. I can offer the lowest rate and fees.SMontes@TexasPrideLending.com

Oct 9th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Some lenders accepta as low as 620 mid-score.

Oct 9th 2013
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Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 527 contributions

Very likely you can, but you need to invest the time with a Lender to give a full application. There are no easy solutions -- getting you approved will require a lender that understands how all components of the loan work - My first thought with your situation would be to look at your credit report to see if there are any easy fixes to increase your score with a Rapid Re-score. Talk to your Realtor and see who he suggests as a reputable lender. I would advise you to use someone local that will be embarrassed if he pre-approves you but can't perform. Good Luck!!!

Oct 9th 2013
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Kiernan Brown (KiernanBrown)
#51 ranked lender in Michigan - 149 contributions

There are many lenders that will do an FHA loan with 10% down at 639 score. We can also get you done on a conventional loan with 10 % down and a 639 score. This mat be a better option because the MI will drop off faster. Call me 517-240-3015 I lend in MI, IN & TX

Oct 9th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,791 contributions

Generally speaking, there are a number of lenders who will offer financing with a 639 credit score (including us in MN and WI). But remember, credit score alone does NOT a loan approval make. Most lenders are going to have an issue with you lack of job stability.

Oct 10th 2013
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Sarah N. Montes (TXPRIDE)
#185 ranked lender in Texas - 18 contributions

Yes, most lenders can go down to 620. I see a lot of brokers are offering their services, shop around and get the best rate. Please allow me to give you a quote and compare. Lenders sometimes will take advantage of lower score borrowers. I can offer the lowest rate and fees.SMontes@TexasPrideLending.com

Oct 11th 2013
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