May 24, 2024

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

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

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.

More on this topic:

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?


  1. 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.

  2. 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

  3. 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

  4. Bill Zielinski says

    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.

  5. we accept fico down to 580 in florida and can make acception to 530 fico

    contact us at for more information

  6. Samuel T. Ishmael says

    @ 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.

  7. 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!

  8. 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?

  9. 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.

  10. scmann, you need to get your credit scores up. Email me at 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.


  11. 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. 🙂

  12. Bill Zielinski says

    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.

  13. Richelle Duran says

    Would like to know if I can get a mortgage with a 633 score


    Need help to repair my credit. Any advise?

  15. Bill Zielinski says

    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.

  16. 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?

  17. Bill Zielinski says

    Every bank has internal credit score guidelines but they can be variable subject to strong compensating factors. Best thing to do is call them.

  18. 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?

  19. Matt Hunter says

    I am looking to to purchase an REO property for around 450K-500K. The property needs a little work but nothing major; most would done before I could move into the home. I have the funds to do that work, and it shows in my seasoned reserves. The house is worth around 750K-800K once the work has been completed. I need to get a loan to purchase the home, and I plan to refinance into a traditional mortgage once my current home is sold in around 6-12 months. My credit score is a 560 due to some inaccurate items on my credit reports that I have started disputes for and I can show you evidence of to get this closed ASAP before someone else purchases the property.

    If you cannot help me fund this opportunity, can you point me in the direction of someone who could?

  20. Melanie Van Lier says

    My husband and I are looking for a mortage he has a 584 credit score. We live in Illinois .

  21. Bill Zielinski says

    You may want to work with a reputable mortgage company on increasing your credit scores first. The number of borrowers getting approved for an FHA mortgage with credit scores below 620 was below 3% during 2011.

  22. My current credit score is 703, my spouse has a score of 685. We have had a few credit issues in the past, an 8 year old bk that ultimately resulted in a foreclosure that is a little over 3 years old. We currently own our home with no mortgage, do we have a chance at getting an fha refinance cash out loan for college expenses?

  23. Bill Zielinski says

    Usually, a borrower is eligible for FHA financing three years after a foreclosure and with re-established credit. Given your great equity position and high credit score, you should be able to obtain an FHA mortgage. Also look into conventional financing since you would avoid costly FHA mortgage insurance with a Fannie or Freddie loan.
    To find a reputable FHA lender, see How Can An FHA Borrower Select a Reputable Lender?


    FHA loans per official guidelines generally require:

    No Minimum credit score and certainly a credit score below 700 would be acceptable.

    Two (2) years good housing payment history. (no 30 day late payments)

    Two (2) years of good payments on any auto financing, credit cards and/or other consumer lines of credit showing up on your credit report ( a few scattered

    30 day late payments are often acceptable, but you will need to be able to explain, why it happened, and why it won’t happen in the future.)

    No chapter 7 bankruptcy within the past 2 years ( sometimes you can actually get an FHA loan while in chapter 13, if the chapter 13 is 12 months old
    with perfect payment history, and no other derogatory credit since the bankruptcy was filed)

    No foreclosure within the past 3 years (if foreclosure on credit, you will need to explain why it happened and why it will not happen again, your explanation will be subject to the approval of an FHA underwriter)

    No collection accounts, charge offs, judgments and/or tax liens can be showing an open balance.

    Other FHA guidelines that apply are:

    LTV maximum is 96.5%

    Seller Concessions toward closing costs are allowed:

    Up to 6% of purchase price for 96.5% LTV

    Escrow impounds are required.

    Thus in effect you may be required to pay in advance at closing for several months worth of property taxes and homeowners insurance.

  25. Cristina Huerta says

    Hi- I’m trying to purchase a home in California (currently living, my mid score is 620 but I’m having a real hard time getting approved for $180,000 loan. I’m self employed and have been fro the past 3 years. Is there is any lenders in CA that can help me?
    please email me at

  26. heather m wickware says

    id like to purchase a home i spokane,wa.for $180,000.i already have a home id be selling for $160,000 of which i owe $80,000 on thru usda.i had surgery in june of 2013 and was out of work for 3 months for recovery time i have 3 30day late payments showong on my credit file now.and i only have a 607 credit score.what can i do? im worried that if i sell my home while im waiting for my points to go up i may miss out on the house id like to buy.i was denied the loan.please help

  27. My wife and I have a 580 credit score, I have VA loan paper work but are unable to get a lender. We live in Washington state currently for about 2 years and I have been working in the same industry for the past 6 years. I make really good money and have been fixing up our credit. But alas, we want to make the next move for our families future and that’s buying our own home. With my daughter in a wheelchair we would like to purchase our home so we can make the improvements that would make it easier for her and us. Any helpful information is greatly appreciated.

  28. Bill Zielinski says

    Most lenders want to see at least a 620 FICO score for VA loans.

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