Posted on: 12th Mar, 2010 01:19 am
I have read on this site that you need a 620 minimum to get an FHA loan. Is that the only considering factor? On our credit report, Experian was 665 but TU was only 610. I've heard they take the middle score which for us is the 610. We have paid everything on our credit report off except one disputed bill for $174. There are three other items on my report that a bank credit specialist said we should dispute. These are only on my report so disputing them will only raise my score up to the same as my husband's 610.
On the other hand we have a $75,000 piece of property as collateral (we are looking for an FHA construction loan) and $10,000 in the bank for a down if necessary. We make $66,000.00/ year and don't have any debt except my student loan which has a payment of $210/month.
We will probably go talk with a banker on Monday, but any insight would be greatly appreciated!
On the other hand we have a $75,000 piece of property as collateral (we are looking for an FHA construction loan) and $10,000 in the bank for a down if necessary. We make $66,000.00/ year and don't have any debt except my student loan which has a payment of $210/month.
We will probably go talk with a banker on Monday, but any insight would be greatly appreciated!
I've signed up now...so I am no longer a guest
Hi raeannfritsche,
620 is the minimum credit score that is required to get a FHA loan. Apart from this, you should not have much negative items on your credit report in order to qualify for a loan. You should also have a down payment of 3.5% in order to secure a FHA loan. If you meet the required criteria of the lender, you would definitely qualify for a loan.
620 is the minimum credit score that is required to get a FHA loan. Apart from this, you should not have much negative items on your credit report in order to qualify for a loan. You should also have a down payment of 3.5% in order to secure a FHA loan. If you meet the required criteria of the lender, you would definitely qualify for a loan.
What happened to the Equifax score?
there's 3 scores
Equifax, Transunion, Experian
610, 665, 660...they would use 660
610, 665, 660 wife's scores...660 is middle
700, 680, 720 husband ... 700 is middle
then they get the lower of the 2 scores....which would be 660
there's 3 scores
Equifax, Transunion, Experian
610, 665, 660...they would use 660
610, 665, 660 wife's scores...660 is middle
700, 680, 720 husband ... 700 is middle
then they get the lower of the 2 scores....which would be 660
I am not familiar with FHA doing construction loans.
