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My credit score is 735 and my wife's is 609 A broker said she needs at least 620. Is this true

We have little to no debt, just a $300 car payment and a cell phone bill. She has been at her job about a year and a half. I have been at my job 10 months. We earn a combined $53,000 a year. Do we qualify for FHA? by victor_230_886 from Rowlett, Texas. Apr 23rd 2012 Reply


James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions

Although you could potentially find a mortgage broker to get you into a loan right now, getting your wife's mid-FICO score above 640 would be in your best interest long-term. Working on getting her mid-FICO score higher would take a couple extra months; however, it would also give you more time to save additional funds as well as get more time with your employer. Both greater cash in the bank and time on the job would only help strengthen your loan.

Apr 23rd 2012
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,166 contributions

A 609 scores is a bad score. Generally speaking, the bulk of FHA lenders have a 640 score cut off. A few will go down to a 620, and a very small number will go lower. Taking a little time to review why her credit is so low, and improving the score BEFORE you look at homes is going to be in your long term best interest. In MN or WI, visit FHA-STREAMLINE-REFINANCE-MN.COM

Apr 24th 2012
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Mary Papageorge (MaryPapageorge)
#93 ranked lender in Texas - 53 contributions

With a 609 middle score - we can actually help you. We can go down to 580 with only 3.50% down, but it needs to be your own money - it cannot come from a Gift from a Relative. Please contact me at 713-569-0025 if I can be of assistance. Thanks, Mary Papageorge

Apr 23rd 2012
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Kirsten Fleenor (kfleenor)
#61 ranked lender in Texas - 9 contributions

Credit score wise, you can qualify for an FHA home loan. Being a broker, I have access to different banks to fit your needs. Your down payment will only need to be the standard 3.5% If you wish to be fully approved, then I would need to see your debt, income ( how long you have been in the job profession)

Apr 23rd 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

There are lenders out there who will lend to borrowers with scores down to 580, so don't give up... Most lenders require a 640, so if she's at 609, she's not far off... most mortgage brokers can give solid advice on how to raise the score in a very short amount of time... You can also apply on your own as opposed to applying jointly, however this will limit how much of a home you can purchase since only your income will be considered... The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

Apr 23rd 2012
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Timothy Singleton (TimSingleton)
#57 ranked lender in Texas - 15 contributions

We are able to qualify people down to a 600 for FHA, but the down payment minimum is higher than 3.5%. With a 609, there is usually something that can be done to improve the score the small amount you need. I have a lot of experience helping folks improve their scores. Call me at 214-733-6899.

Apr 23rd 2012
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Hello CAll me My name is Albert Rolon We do Credit Scores starting 500 to 579 with 10% down FHA 915-630-1376

Apr 23rd 2012
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Marquis Lending Inc fha and va as low 500 fico scores for more info call 915-630-1376

Apr 23rd 2012
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Lynne Dewar (ldewar)
#46 ranked lender in Arizona - 16 contributions

Your credit score is only one part of the refinance. What type of loan do you have? FHA, VA or Conventional? What is your loan balance?What is the property address?

Apr 23rd 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,061 contributions

The real question is WHY is her score where it is. Many times the score has been hurt because of certain items that are being reported. In most cases, those reported items have to be cured or fixed as a condition of loan approval. The best advice I can give you is to 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. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. A competent Mortgage Banker/Broker will help develop a road map or a plan to get her credit where it needs to be. Once done, you'll qualify for the best rates form the most number of lenders. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Apr 23rd 2012
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Peter Valletutti (PeteVall)
#116 ranked lender in Texas - 10 contributions

Yes,..To give a simple answer instead a long drawn out explanation!Yes,..A score of at least 620 would help. But, howlong has it been between positions and were they a related JOB.Two years tax returns, 3 months bank statements. Any divorce decrees, Alimony, child support, or other income available?Contact me through Lender411. 28 years real estate & mortgages. Since 1984 in N. Texas!.Yes, You Can Get an FHA Mortgage!Regards,Pete Valletutti972-599-5900

May 8th 2012
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