Sub 620 FICO Score FHA Lenders
FHA Only Option For Some
The FHA loan program is the only viable option for many mortgage applicants who no longer qualify under Fannie Mae or Freddie Mac guidelines. Most of the larger lending institutions have implemented a minimum FICO score requirement of 620 for FHA loans. Here are some lenders that are still doing sub 620 FICO score mortgages.
US Bank is a premier major direct lender that operates nationwide. I have dealt directly with US Bank and they are a well run and reputable bank offering a wide range of mortgage products. According to Scott Lambert, a seasoned US Bank Mortgage Loan Officer, US Bank “offers a no minimum credit score requirement on our FHA and VA programs”. Scott’s background and service pledge follows:
I have over 10 years of mortgage banking experience. Selecting an experienced Mortgage Loan Officer is just as important as what company qualifies to be your financial partner. We’re proud of our reputation as a strong bank and millions of people have selected us as their financial partner.
My promise to you is that I will put my years of experience to work for you! I will help you analyze what mortgage programs may be the best solution for you. I promise to provide honest and dependable service. Our reputation depends on it!
Scott Lambert can be reached at:
Scott Lambert
Home Mortgage Division
1401 Wilshire Boulevard
Santa Monica, CA 90403
Direct: 310-394-8745
Below are other loan programs that I can offer the consumer.
* FHA Program
- No Minimum Credit Score Requirement
- 3.5% Down Payment. Can be Gifted.
- Seller Paid Closing Cost to 6% of Purchase Price
* Rural Development (USDA)
- 100% Financing
- No Minimum Credit Score Requirement
- No Mortgage Insurance
* Community Program
- No Minimum Credit Score Requirement
- No Mortgage Insurance
- 97% Financing. CA, AZ, MI to 95%
- 12 Month Credit Depth
Scott.lambert1@usbank.com
American Financial Resources (AFR)
AFR offers Portfolio Program FHA loans for FICO score borrowers in the 560-619 range. Various restrictions apply and rate pricing reflects the lower FICO scores allowed. There is a 580 minimum FICO required for purchases and cash out refinances. No gift funds are allowed for down payment purchases and non-occupying co-borrowers are not allowed.
Mid-Island Mortgage Corp advertises sub 580 fico score FHA loans. Their loan matrix shows that they go as low as a 500 FICO with restrictions. They do business in 9 states.
Do Your Homework
Keep in mind that lenders sometimes promise more than they can deliver. Sub 620 FHA loans are difficult to get approved so do your homework. Check out the lender with your state banking department and talk to several different lenders before deciding where to apply.
Disclosure: I have no financial interest in any of the mortgage companies discussed above.
prior post update…please respond to maniyani@yahoo.com for GTucker…thanks!
Hello I am looking to purchase my first home.I am on permanent disability with a fico score of 561 my partner has a full time job of 2 years with a 540 score. The home we would like to purchase is 28,000 hud home. Is there anyone in Georgia that can help?? Was also approved for the Ga dream program for down payment assistance up to 16,000. Please let me know.Our combined income monthly is 2700..Please let us know. Thank you..
If you want something done fast, do NOT use Scott Lambert or US Bank.
I’m working with a real estate agent right now in Ga all of his lenders are requiring a 620 minimum, I am at a 585 right now and working on it, planning on being increased more by the end of the month. I need a lender to get things going like yesterday, I have already picked my top 5 homes of choice and I’m ready to get the loan process started. Hoping to be able to take advantage of the tax credit. Any lenders in Ga???
Looking for someone that can provide an FHA loan in Northern VA. current score is 605 due to cc, but have now been paid off. Wife is at 730+. Looking to close fast, only debts are student loans and one car payment. Can anyone help?
Looking for a lender, ready to buy asap in Tenn. My credit scores range for 629-596.
any sub 620 lenders in Knoxville,tn or near.
rashaad.gibbs@yahoo.com
ready2buy
Hi my name is Kevin Blake and I work for a Direct Lending Bank and we go down to a 580 credit score for Purchases and Refinancing. If anyone is interested we are licensed in 40 states and all i need is 5 minutes of your time. please call me toll free at 1-877-733-4432 Ext. 686 Thank you
Has anyone heard if FHA is going to require a 10% down payment for scores under 580?
My scores mid 500 and sick of paying high rent. Is their anyone avail to help me purchase in Texas?
My score is low which is all I am going to say about it. I need help obtaining a USDA or FHA Loan. I am curently in the process of repairing my credit which is going great. If it goes well enough then I may not even need these loan types, however if someone can help me sooner then I am very interested. I live in South Alabama. My email address is jerrell.tompkins@iisclaims.com and my phone number is (251) 753-7871. Thanks.
I too have the same issue. If you know of a reliable lender, I have multiple buyers who have below 580 ficos are needing fha loans. please contact me via email: alexandracvinson@gmail.com
Hello,
I represent a Federally Chartered Bank that does loans in all 50 state. Also-I have a credit repair program that provides trade lines and unsecured lines of credit from 10k to 100k
Contact # 518-491-5332
We are located in Michigan. We write FHA loans on refinances at a minimum score of 560 and purchases at 580. Call or visit my website today to apply. 517-708-3891 or http://www.goldstarhomefinance.com
Also available RD, conventional loans.
Is there a lender out there that can approve my husband and I for a home purchase in Alabama with a middle credit score of 598?
Please send me an email to jlewis3473@comcast.net if you can help.
Kevin Blake at one time was associated with Lend America which recently shut down operations. Don’t deal with this person or any other loan officer that has had any ties with Lend America, you will be disappointed. I know from personal experience. My husband and I lost earnest money on a property which Lend America had promised us financing on. We still have the approval letter and all of the documentation. DO NOT DEAL WITH ANY LEND AMERICA ASSOCIATES!!
Is your loan taking too long to close?
Current FHA underwriting turn time: 1-2 Business Days
Conventional underwriting turn time is currently 2 Business Days
DIRECT LENDER LICENSED in the following states; CA, CT, FL, GA, MD, MA, NC, NJ, NY and PA.
With our in house underwriters, we have more control over your loan and underwriting turn times are significantly faster and you can close your loan in as little as TWO weeks.
If anyone is interested please email at iclosefha@gmail.com. ALL are welcome!
The turn around time above is once a full application and all required documents has been received.
If I can’t commit to the turn time above, you can take your loan somewhere else.
No Obligations!!
My wife has a mid score of 616. We have been getting the bad end of the stick for 3 years now. Is there any lender that can get her approved with her score in Michigan? Been working at the same job for 9 years and we pay rent on time every month.
Thanks
I can get you a refinance on your FHA loan without an appraisal or income documention with a 500 and up fico score. You must have made your mortgage payments without a 30 day mortgage late payment for the last 12 months
Michael,
I have a 588 credit score and have a good amount oof money for down payment. I live in indiana. I have been looking at a home and would love to move fast on this. Please contact
A government approved and certified lending company.This company do offer loan ranging from personal to industrial loans to interested persons or companies who are seeking financial aid at a negotiable interest rates sometimes as low as 3%.Why should you die in silence when you have an opportunity to clear your dept,start or boost your business with a loan from our company.for further detail u can contact this reliable loan company which is tested and prove qualified it is called andyloaninvestors@gmail.com
Dear Valued Customer,
I live in california and have 2 scores around 620, im looking to purchase with in 5 months but need to get things started now…and quickly.. i have the 3.5 percent required for the down and i’ve been at my job for over 3 years… anybody got any suggestions??
looking for a mortgage in ohio, 560 credit score, but only need to borrow 40k….help!!!
My credit score is in the mid-500’s and I am in the health care field. I am a first-time home buyer looking to qualify for a FHA loan ASAP. My income & job stability are excellent. I am working on my debt. I am also interested in the MyCommunity Loan Program. If you can help me please email me @ apilispencer@hotmail.com. In Ohio.
Whatever you do, DO NOT CLEAN-UP your credit/Dispute your credit with any of the bureaus once you receive a pre-approval for an FHA loan from your lender. If you have any information that indicates a dispute filed with the credit bureaus, it can affect the amount of your loan or even worse, stop you from final approval on the loan right as you go to close on your home.
We are repairing our credit scores and want to buy a house. My credit score has improved enough to qualify for a loan, but my spouse’s is just under the 620 fha minimum–even though he had paid off all outstanding debts. We have a combined income of $180K+, and all our bills are paid ontime. We have $10K to put down, and have put $2K down+another 5K in deposits on a new dr horton home being built. I got qualified to purchase the home with my own credit score and income, but I really need my spouse to be on the mortgage with me. His current equifax score is 598. Can someone help us get a mortgage–fast??
Do you need this assistance and do not know how to go about this? Do you have bad credit but need financing and really need it badly,do not look for help where there is none ,come to the masters today and be free from all financial shackles.
For more information on our services forward all enquiries to us today via email at mc.kingsloan01@gmail.com
I’m interested in a Fannie Mae owned house in Niles, OH 44446. I’ve been working hard to improve my credit, but it’s still a work in progress (Experian Vantage score is 681, but I believe FICO is around 580). The house is only $57,000 and I have 10% to put down. Are there any lenders out there who can assist me? Thank you!
Sandy
August 16, 2010 at 8:35 am | Permalink Your comment is awaiting moderation.
I’m interested in a Fannie Mae owned house in Niles, OH 44446. I’ve been working hard to improve my credit, but it’s still a work in progress (Experian Vantage score is 681, but I believe FICO is around 580). The house is only $57,000 and I have 10% to put down. Are there any lenders out there who can assist me? I can be reached at Dayse1274@yahoo.com Thank you!
I was told that there are tons of fha loans out there even if your score isn’t higher enough, my score is 588 and I’m currently working on my credit now and it has approve some, Can anyone help me. I have a stable job and good income.
Thanks
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