Posted on: 18th Feb, 2010 09:19 am
The mortgage company I'm dealing with said that the house ($49,000) I was looking at is no longer available and that he could sell me a manufactured home for $68K. I would need to put a $2K down pymt and they would wait for the $6800 credit I would receive on my taxes. So I would give them a total of $8800 as down payment. Then he said that I would only finance 49,600 at 8-10% interest. He said I don't qualify for an FHA because of my credit. Is it also true that you need to have a credit score of 640 to qualify for an FHA loan? I know I don't want a manufactured home but I want to know if they are really trying to help me or if they are just interested in getting money out of me.
Hi reality,
As far as I know, you would require a credit score of around 600-620 in order to get a FHA mortgage. If your present lender is not approving you for a FHA loan, then I would suggest you to speak to some of the other FHA lenders of your area and check out if they can help you in this regard.
Thanks
As far as I know, you would require a credit score of around 600-620 in order to get a FHA mortgage. If your present lender is not approving you for a FHA loan, then I would suggest you to speak to some of the other FHA lenders of your area and check out if they can help you in this regard.
Thanks
You can get an FHA loan with scores much lower than 620. Even as low as 500
