fha requirement

Hi haok23, FHA loans do require a minimum fico score of 620. There is not set income for an fha loans it all depends on how much the mortgage is your trying to get and etc...

Hello,

That's a loaded question but I'll attempt to answer it. Firslty, I'm going to assume that you're not purchasing a HUD Home which means you'll have to put down atleast 3.5% of your own money to qualify for an FHA loan. The 3.5% donw payment can be gifted from a relative. Next, we need to document your income, employment, assets, etc. To be honest, the best thing to do is gather your documents, sit down with an FHA approved lender and complete a full loan application.

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for FHA loan, minimum score of 620 is required....

Hello,

Quick update. I have a lender in Phoenix AZ. that will do an FHA loan with a 560 middle credit score! Just funded one :)

Regards,

Blair Zeno

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how ugly are those rates, blair?

minimum score required is 620.
But most important is you should be employeed.
Employment is required.

Many lenders have a minimum score of 620.

There are a couple lenders who have a minmum 500 score. You have to seek them out, which you may be doing with this post.

Need to note in what state the property is located. Not all lendesr lend in every state.

HI jveenstra,

Is it anyone allow loan on 500 credit score?
I DOUBT..........

Hello George,

The rates are not bad. The borrower will take a .250 hit to rate for the 560 credit score.

Regards,

Blair Zeno

wow...that's pretty good actually. so if i know of anyone who wants to live in the shadow of El Capitan, and who has a miserable credit score, i'll let you know, Blair.

there are several lenders that i am aware of the offer under a 620...most of them are portfolio lenders and will manually underwrite the file regardless of the du/lp findings. what i have personally experienced is the only canidates for a refinance or a purchase under 620 is someone who's problems are over 24-36months old. typically they are looking for someone with low ratios, no gifts allowed, no co-signers allowed, reserves, and no lates in the last 12-24 months.....

its a catch 22, if the borrowers had a great payment history, the would most likely be above 620...if they have a few lates, that is probally the reason they are below it now.

it is a slow painful process

FHA loan requirements:
Steady employment for two years
Any bankruptcy must be two years old
The foreclosure must be three years ago
The mortgage payment should be 30% of the gross monthly income

hello- i am looking to buy and i spoke with a broker and he said he cant help me because my credit score is a 550. My Father is willing to co-sign and he is giving my 10000 plus i have between 2-5000. So is there really nothing that i can do until my credit is fixed? I live in upstate NY.

Thats correct until you brign yoru score above 620 you cnannot do much

Even though your fahre is co-signign it is not goign to help