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
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.
FHA Introduces New Minimum 580 Credit Score Requirement
New FHA Minimum FICO Score Requirements Meaningless To Many Borrowers
What Are My Odds Of FHA Loan Approval With A FICO Score Below 620?
Are there any lenders that do sub 620 FHA loans in Minnesota?
I do FHA with 580 score.. Contact me for help
brokers,realtors,consultants all welcome!
Branch Opportunities available
* 580 FICO MANUAL UNDERWRITING
* COUNTRIES LOWEST RATES ON FHA, CONFORMING & JUMBO
* HIGHEST YSP & NO LIMIT ON FRONT POINTS
* FAST CLOSINGS
* FAST FUNDING
* FHA 5.5% PAYING 3 YSP
* STATED PROGRAMS AVAILABLE
EMAIL ME WITH LOAN SCENARIOS
FICO580@gmail.com
I work for one of the largest FHA lender in the country. We are:
– Ginnie Mae Approved.
– FHA Refinance down to 500 FICO
– FHA Purchase down to 530 FICO
– Originating government loans over 20 years.
– License in over 45 states.
– We also have some programs which do not require FICO score, debt to income ratio not being a factor.
If anyone is interested, do not hesitate to contact me ecash4u2@gmail.com. Everyone is welcome!!
I AM STILL DOING FHA REFINANCES AND PURCHASES WITH 580 MIDDLE SCORE..
CONTACT ME FOR HELP
FICO580@GMAIL.COM
I am a broker in Oklahoma that have several loans from 619 to 575. If you can help me please contact me.
My wife and I are currently trying to get an FHA loan. My middle score is 614 and hers is 608. We are in the Indianapolis, IN area. If there is anyone who can help us please email me.
Thanks!
I just posted above. My email address is indy.sam@live.com.
Anyone in Georgia still doing 580 FHA Loans? Email me.
Thannks
Email: cwalton@approvalstartshere.com
Need to know if someone can assist with a loan for a borrower 580 fico. FHA loan 3.5 DP/gift
Are there FHA loans avaliable in Connecticut for scores of 600 and higher? please email me jillianbahr@aol.com
Does anyone service North Carolina that can do 580+ middle score borrowers. Our last outlet just changed to 620, and i have 7 candidates under contract that I need to do something with. (3.5%) down payment with all cadidates.
Is there anyone that can help me out. Email me. Thanks
I need a Lender in The State of California. Purchases/Refinance for 600 FICO’s.
please call ASAP 213 909 7917 CELL
I live in Missouri,I have a mid credit score of 560. Is there a FHA loan available?
We live in Florida….My daughter, Heather, needs abelow 620 FHA loan. I will have to be a co-borrower (and my FICO is in the 700’s)since she is a nursing school student with no current income. We were initially looking at the “FHA Kiddie condo mortgage” but the Fico requirement is 620.
Is there anything or any FHA programs available that could help us?
I work for a wholesale lender that allows a 560 for refinance and 580 for purchase. Able to lend in 26 states. Please email for more information: sue@nxtloan.com
My husband and I are near closing on a new construction home in San Antonio, TX, we do face some challenges during this time w/ the economy! =( If anyone can provide “legitimate” feedback or assistance we would greatly appreciate it.
Credit Scores – his meets requirements, mine does not
Income – He would not qualify alone
Work History – He has just under 2 yrs, I have 5.5
Another question is the down payment requirement for FHA 3% or 5%?
PLEASE HELP!!!
Is there a lender in South Florida that can get financing with a score over 580 with 3.5% down.
My wife and I are looking for a lender that can help with 580 credit score in Los Angeles CA? My mid score 610 hers is just above the 580. Can anyone help? Have the 3.5% down and income is no problem.
Kris.lewis33@yahoo.com
June 24, 2009
The loan brokering industry has changed significantly over the past few years.
One of the main changes is on their minimum credit score requirement on FHA VA Programs.
Many wholesale lenders are requiring a 620 minimum credit score.
There’s Hope!!!
I work directly with US Bank’s Nationwide Home Mortgage division which allows me to offer a
No Minimum Credit Score requirement on our FHA VA Programs.
Realtor’s, Mortgage Professionals and Consumers are all welcome to contact me.
As the industry keeps challenging us it’s good to know that there are options.
Homeownership is my community pledge.
Scott Lambert
E/M: scott.lambert1@usbank.com
Direct: 562-795-7544
I am looking for an FHA cash out refinance. Currently in a Chapter 13 Bankruptcy with 7 months left in the plan. Perfect trustee payments, lots of equity,income, approval from the BK Court to refi and a recent appraisal, BK payoff, etc. I am very anxious for I have a balloon payment due in July 2011 and want to start recovering from this BK. Credit Score of 591. Is there anyone who may be able to help us.
Have had a mortgage for 12 years and never once been late.
Spouse’s credit score is 655, mine is 570, but I am the breadwinner.
We have fine LTV percentage and cash down to refi $230,000 mortgage.
Who can help? The state is PA. I imagine that we need FHA. Please email me.
The email is dougsmith29@hotmail.com
My wife and I rent in IL and want to clse on a home by September. We want to go through FHA and our Middle Scores are 602 and 603. We have four credit cards with not high limits ($1150, $800, $750 and $500) Combined they are at 91% to its limit. We made payments on all of them today and with those payments they each average 35% limit. Will credit score go up know and if so by how much and when. We have had these cards for over 3 years with no late payments. Combine income is $80,000. Will scores go up to 620 or is there a lender that will lend to us if we do not meet 620.
Please help- maire25@comcast.net
Pete,
Sounds to me like you would qualify with the FHA. See Sub 620 FICO score lenders – published April 10, 2009. Here is one good direct lender bank that could probably help out.
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 Lambert can be reached at:
U.S. Bank Home Mortgage
17851 North 85th Street
Suite 205
Scottsdale, AZ 85255
Office: 800-839-4025
Cell: 866-845-8825
Fax: 480-302-7975
Scott.lambert1@usbank.com
My husband and I have been aggressively looking for a bank that would refinance our loan into a fixed rate. We’re currently in an ARM due to adjust in October. My middle fico score is 629 and my husbands is 609. We have had no lates or deliquencies for 4 years. I’ve been on my job for 4 years and my husband 10. Please let me know if there’s anyone that can help us. We live in Ohio. I can be reached at cherylaustin@spherion.com
My husband and i had a medical bankruptcy 3 1/2 years ago. we did not establish any credit after the bk and we were suprised to find out we have no credit score at all anymore. I have been working with united mortgage because they said they could get me a loan even though we have no credit, but they have not delivered anything and keep telling me they need more from me. it started out as they could definately help me and now that they have charged me their fee they are unsure they can get me a loan at all. we feel it would be better to buy than rent because rent prices are 2-3 times what the mortgage price would be for houses for sale in our area. we are in winters, ca. is there anyone who can get us a loan? the house we want to buy is $130,000. we have the 3.5% to put down. please help. strickdad75@aol.com
My husband and I have hired a company to fix his credit he had alot of old collections. The scores were 561,547, and 521 as of june we just got letters from the bureaus that alot was deleted..we were only able to get an update on the trans union score because the others have not reflected yet…the Trans score was the 521 which was the lowest since the update it went up 50 points to 571…What I need to know is the minimum score for Fha and Va loans he is a vet…We are also in the Los Angeles area. Please let me know..Income and DTI ratio is no problem. I think with everything being deleted we are close
My middle score is a 617 and my co borrowers middle score is a 596. We are in the process of getting started with a FHA loan. Is there anyone out that that can help with those scores?
We lend in most of the Eastern Seaboard states. We will go down to a 500 fico. It is back to common sense UW.
Kevin DeLory
Sr. Account Executive
Mid-Island Mortgage Corp
401-333-4520 Office
401-241-2336 Cell
508-276-0625 Fax
Kdelory@mortgagecorp.com
Back to the basics of FHA lending. Common sense UW…NO fico score requirements.
Mid-Island MortgageCorp.
Serving the Industry Since 1959
Don’t waste your time with Scott Lambert. He’s too busy to return messages.
i’ll try to sum this up quickly.
1. i’ve never owned a home but due to large medical bills of my husband’s and my own we filed ch13 BK it was discharged in 07/08.
2. my husband had a mortgage with chase. couldn’t do a work-out with them so it went into forecloure 04/07.
3. we entered into an owner finance/lease last august with $$ down and 0 late pmts. the tax apprasial this spring was 15% over the agreed upon purchase price.
4. my husband has been in a government position for 25 years. i have been a healthcare professional for 10 years.
5. our combined income on our 2008 taxes was >110,000.
6. our FICO scores hover at 500.
7. property is in oklahoma county, ok
what products are available to us?
nichol.henry09@gmail.com
I am in Florida, looking for approximately $115,000 with a credit score of 576, fluctuating around that for some time now, peaked at 582 a few months ago. I have one car loan, never late since March of 2006, 2 credit cards ($300 & $250) both with less than 30% on both combined, no other debt. I am at a loss what to do, I pay everything on time and it doesn’t seem to go up much at all.
I just want everyone to know that I was out of the office from
July 20, 2009 to August 1, 2009.
Mary, I apologize for the inconvenience.
We are still offering the No Minimum Credit Score FHA Program.
Our 30-Year Fixed interest rate is based on current market conditions with extremely low closing costs.
Emailing is the best form of communication. I have outlined a quick overview of our FHA Program.
Our Automated Loan Approval system will generate two responses and is determined
by the overall credit NOT credit score.
1. Automated Accept
2. Refer.
Automated Accept:
Collections > 1000.00 are required to be paid
Medical Collections on a case-by-case basis
Guidelines offer more pay history forgiveness.
Refer: Manual Underwrite / No Score
Zero late payments in the past 12 months on Installment
Accounts
Zero late payments in the past 12 months on Credit Card
Accounts
No Collections or Charge Offs within 12 Months
Previous Collection & Charge Offs must be paid
Settlements on collections are Ok. Can be paid at closing
Alternative Credit is acceptable
2 Years must have passed on Ch.7 Bankruptcy
3 Years must have passed on a Foreclosure and/or Short-Sale.
Ch. 13 BK Acceptable after 12 months.
Cannot have any late payments after a Bankruptcy or Foreclosure / Short-Sale.
Hope this helps!!!
Scott:
I have 2 late payments in the past year (due to a wrong address after I moved), and one debt settlement on a credit card that was never paid late, they just offered a settlement and closed the account.
I have a current FHA loan, and I need to get a second one due to an increase in family size. Never late on the FHA loan. Currently living in a duplex, we rent out the top for a portion of our monthly income. The property we are considering is another duplex, but much larger, so we will have 2 new units to rent (the one we are currently in, and one of the units in the new place).
I want to keep this loan and get another FHA loan. Current mid credit score 628. What are my chances?
Thanks,
Paul — porterpj@alumni.hiram.edu
Contact Scott Lambert @ scott.lambert1@usbank.com
Paul P,
I just sent you an email.
I need a loan officer to get the buyers of my home financed!
The scenerio.
– buyer has little reportable income with no credit score; has 3 alt. tradelines.
– has a non occupying co-borrower with a 725+ middle score with verifiable income.
– combined back debt ratio 43% – 45%
– buyer has 3.5% down payment
– buyer can’t qualify for the home with their income alone needs the co borrower income.
– home is in Ohio with loan amount of $67k.
– can’t verify rental history.
IF YOU CAN DO THIS AND KNOW YOU CAN GET THIS FINANCED EMAIL ME AT JCHUNG@TRIBECAINC.COM
THANKS,
I am looking for a sub 620 FICO Score Mortgage Lender in Erie County NY. I am looking to get approved for a loan of 120,000 My income is >$50k mid FICO is 580. My scores have been very slowly going up this past year (probably 2 points a month) despite ontime payments. I have spoke with a few loan officers here and they all say the same thing, 620 or higher! Any local suggestions? thanks
looking for a mortgage with 596 can anyone help
Hello,
my husband nd I are looking for a below 620 fico ( who know how low it actually is) loan to purchase a home.
Husbnd is a VET. Im a sahm. Husband for almost 25 yrs has had nearly nothing in his name to actually get a score. He might have something but honestly do not recall what it would be. I have been the one whos name was on everything. My fico last looked was around 540ish give or take.
Is there any program /loan program that could help us soon we are tired of paying rent as rent goes up to land lord but their out of pocket remains the same. 25 yrs of money going to someone else nothing to show for it but worring if we will have a roof next month every month…( due to land lord changing mind about renting or selling property both have happened)
We dont have down payment ( because of high rent )
Husband works hrd 2 jobs civilian and national guard.
Really would like to own home before the snow flies in ohio..
Hi, in Texas looking for an FHA loan. Middle scores 550 and 600. We have the 3.5 dp but I have one 30 late in Jan on an appliance account (Conns) and he has one 30 late in Feb on a credit card. Is there any help?
Live in NC and Fico around middle 590. Is there a FHA loan for me to purchase?
I am looking to purchase a home, probably in the Oklahoma area. My credit scores are 588,582,571. I had 10 collections on each report (mostly medical for small amounts) Most of these have been paid off for about 6 months. I do have one collection that came up this year on my credit report, but I have just paid it off (never knew I owed it, was a medical charge that wasn’t covered by my insurance and I had moved before they sent a bill). I work in the construction industry and travel a lot, which has created some credit problems in the past. I have 2 years with the current company and three years of tax returns over 70,000 (currently making 125,000/yr). I am in the process of paying off the last couple of collections (total of around 500.00 left). I do have one additional collection that shows up, but it shows up only on equifax (my lowest) and it doesn’t give the name of the originator or any other details about it, so I have no way to contact them to pay it (I don’t have any idea what it is). I have one credit card, for 300.00, with online payments since it was opened in nov of last year and I have a small personal loan of about 500.00 that I am current on. I have paid off 11 other personal loans, with no late payments. None of my credit reports shows any delinquencies, just the collections (most already show a 0 balance, as they have been paid). I show 10 credit inquiries on each in the past two years (9 on the middle score), with 2 of these almost two years old now. I have excellent income and have not had a house in my name before. I am single; is there any option for me. Mr. Lambert’s plan would sound excellent, were it not for the one medical collection that came up this year. I can pay off all my outstanding debt immediately. The credit card is currently at 75%, but I could pay off 100% of the balance tomorrow if needed. I can also pay off the personal loan at any time (I only opened it to help build my credit). I want to buy a house for around 120,000 and I can pretty easily liquidate some of my current assets for up to 10,000.00 to use as a down payment (possibly up to twice this if need be). I don’t have a lot of cash in the bank, but I do have liquid assets.
I work for a company who sells 40 properties a year. I receive 60+ applications a month!! We pull credit here in our office and try and find lenders – good lenders – that will help with sub 620 scores. Some of these applicants have 3.5% down payment and some do not (but can find a family member who will gift them the funds!) These applicants already like our house– we can have a signed contract… and WE PAY FOR BUYERS CLOSING COSTS!!! .. Please contact me if you can help them buy our homes!! -Im posting here hoping some lenders will contact me..
Teri chbs-teri@bright.net
Please have someone call me with regards to signing up with you.
Is there anybody doing any sub 600 lending in tennessee?
Need a Lender to send my Florida loans to that offers NO SCORE traditional credit $190k purchase FHA with $65k down. Please email me bcarnes@familyinvestmen.net
OOPS! corrected email bcarnes@familyinvestment.net
Hello Homeowner,
My name is Michael Rocco and I’m a Mortgage Consultant. I have Years of Mortgage Experience and I am Currenlty Consultanting for a Company with Special Government Approval. I Really Look Forward to Your Call and to Helping you with your Mortgage.
REFINANCE WITH BAD CREDIT
REFINANCE WITH LOW CREDIT SCORES
REFINANCE WITH 500 CREDIT SCORES
We are FNMA Approved so we have Mortgage Programs for High Credit Scores as well.
GOVERNMENT MORTGAGE HELP
Many Homeowners Need Help with The Mortgage
1) Adjustable Rate Mortgages are Rising
2) Low Credit Scores
3) Bad Credit
4) Little Money Down
5) Falling Home Values
THE GOOD NEWS IS THAT MY COMPANY CAN HELP YOU
Can you Refinance with Low Credit Scores? YES, Refinance with 500 Credit Scores
Can you receive Cash Out when you Refinance? YES, you can receive Cash Out for any reason
Can you be Approved for a Refinance with Little Equity? YES, you can be approved up to 97.75% of what your Home is Worth
What is the Interest Rate? Currently Interest Rates are the Lowest they have Ever Been
Unlike Other Lenders, when you refinance with us we NEVER charge a Pre-payment Penalty
My Company is GNMA Approved which allows us to Approve Homeowners with Very Low Credit Scores.
Currently ALL other Lenders in The Country Require a 620 Minimum credit Score.
Since We are GNMA Approved – WE REQUIRE ONLY A 500 CREDIT SCORE.
REASONS TO REFINANCE:
1) Lower your Interest Rate
2) Payoff High Interest Debt like Credit Cards
3) Get Cash at closing
4) Convert Your Adjustable Rate into a FIXED
5) Lower your Mortgage Payment
6) Pay Off your Mortgage in Less Years
This Mortgage Program also has a Streamline feature – Which allows you to refinance in the future at no cost (after 6 months of on time payments) So when interest rates fall you can take advantage of lowering your interest rate even further
This Mortgage program is also Assumable – Which allows you to sell your Home and have the New Buyer take over your low and fixed interest rate
WHY DO BUSINESS WITH US?
1) Zero Complaints with The Better Business Bureau and The Banking Department
2) Licensed in 47 States
3) We are a Direct Mortgage Lender NOT a Broker
4) We have been a Direct Mortgage Lender for OVER 25 Years
5) We are FHA, FNMA, VA, and GNMA Approved
6) We Service your Mortgage Loan. We do not sell it off
7) We provide the best Customer Service in the Mortgage business
“I Very Much Look Forward to Helping You and Your Family’s Mortgage Needs”
MICHAEL ROCCO
Mortgage Consultant
Direct Lender
Equal Housing Lender
Licensed in 47 States
Phone – (631) 767-5211
Fax – (206) 202-2510
E-mail – michael.rocco@hotmail.com