Posted on: 25th Feb, 2010 08:06 am
Is it possible for my husband and I to get a mortgage loan with poor credit?
When you say "poor", what do you mean? What are your credit scores? Right now, 580 is the minimum credit requirement for FHA but, there are far and few that will lend at that score.
There are a few that will go even lower than 580 for an FHA Loan but the down payment will need to be 10-15%
Eric is correct. Below 580 you will be required to put a minimum of 10% down. I know of several that will go down to 550 and under but, they require 25% down.
If you or your husband are a Veteran, you can still get 100% financing regardless of your FICO scores, if their Investors don't have a FICO overlay. The Lender I know of that doesn't have that overlay is Trust One Mortgage Bank, located in Irvine, California.
