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
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?
Hi. I am looking for a home loan. I found a house and make roughly 35000 a year and have been employed there 6 and a half years. My credit score is mid 500 to 585 and I’m working with a credit repair company to fix it but I need a loan now for about 70000 and have roughly 5000 down. Is there any one who will finance me? Please help.
580 fico 30k slary 5 years work history same industry financial banking. looking for 30k to 80k home loan first time home buyer USDA.
can you help please email me if you can
Looking to get financed for a home with a 580/607 score. Checked my credit score with score sence and my scores are 633/621/620.
Would you be able to help me and my family get approved with a VA/FHA loan. Looking for a 150K %downif needed and over 4 years work history. Please help Thanks
Many FHA lenders only conduct business in specific states. Please specify what state you live in to allow the proper lender to contact you. Thanks.
we accept fico down to 580 in florida and can make acception to 530 fico
contact us at finance4u@live.com for more information
@ Jimmy Morales, go to FHA. They require a minimum FICO score of 620 and seeing your lowest score was a 620, you should have no problem getting an FHA loan. If you didnt know your FICO score is total of adding all 3 scores then divide by 3. The average in other words, in your case: 625.
Seeking mortgage lender for PA for a refinance. I have worked for Dept of Veterans Affairs for 8 years, great salary, credit score of 540 due to credit issues caused by ex husband. Working on bringin up the score to get financing, however ex husband is now trying to force me to sell the home in order to get him off the mortgage. Need help ASAP. Work two jobs and even have possibility of a co-borrower if necessary. Please contact me immediately if you can help me……i’m desperate!
sd1097@aol.com
Looking to purchase a home in Oregon immediately.
608 604 and 626 Fico
3 years on the job
Houses are 40-80K that I would consider
Can anyone help?
jamilaminnis@yahoo.com
My husband and I are trying to get approved for a va loan but we may consider an fha (in Kentucky). I’m a student but his income is about 52,000 a year and he has a steady work history. his scores are 568, 584, and 598. My scores are 568, 524, 587. Can anyone offer advice? We prefer VA so we don’t have to make the down payment but we may be able to provide a sown payment on a cheaper house.
scmann, you need to get your credit scores up. Email me at dmonty69@aol.com and I can get you going in the right direction. You want to have the credit scores already in place (620 and higher) in order to be considered for a mortgage approval.
David
Hello,
My husband and I live in Georgia and make 70K per year. My scores are 609, 626, and 670. His are 590,609, and 665. We both work for the State of Georgia. I have 11 years on the job and he has 2 yrs. We are looking to borrow about 120K. Where do I look or find a reputable lender?
Any help would be GREATLY appreciated because we are property virgins.
Best place to start looking for a lender would be on the U.S. Department of Housing and Urban Development HUD website. HUD has housing counselors that you can speak to who can provide unbiased advice on how much you can afford, selecting the right lender and other important topics.
Many lenders require a minimum FICO score of 620 or higher but you are not that far away. Here’s an article about why FHA borrowers with scores below 620 are having difficulty getting approved.
Would like to know if I can get a mortgage with a 633 score
Need help to repair my credit. Any advise?
Contact a reputable mortgage lender that has a program to analyze how much your credit score can improve by taking certain steps.
Often, these programs can raise a score by 40 or 50 points, sometimes more. If you score is currently very low, say under 550, it probably won’t work.
Be very skeptical of any lender who tells you they can do an FHA loan with very low scores.
In 2011, only 3% of all FHA loans were approved with credit scores below 620.
I’ve been leasing a home in Redlands, Ca for the past 4 years. The homeowners didn’t want to sale until 2 months ago. They are in the military and are wonderful people but business is business. They offered it to me but my Fico is 546, I’m working with a company to help me raise it but time has run out and the owners have listed the house as of 3/13/2012. After reading the FHA requirement it appears that unless you have above a 620 Fico there is only a 3% chance you will be approved, and even if you are 10% down is a lot of money. So, tell me Sir…can US Bank help me?
Every bank has internal credit score guidelines but they can be variable subject to strong compensating factors. Best thing to do is call them.
Hi I have an interesting situation. I have already been approved for FHA but the property I want is a mixed use property and can only be financed with conventional financing. My fico is 671 but my husbands is currently at 618, he has a late payment to Macy’s which hey refuse to move. We are going to pay down all his rads but I want to know if there are any lenders in California that will do a conventional loan with a 620 or 618 credit score?