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 u licensed in ca?
We still lend to borrowers down to a 530 mid score, can go to 500 with compensating factors.
We are not wholesale, direct only.
Lending in Utah.
Contact Kevin at 801-486-2123
Forgot to mention company..
Bonneville Financial Services.
I have a mid fico 580 I want to buy a condo at 69,999
I am full doc 2 pay check stubbs $39,000 for w2 2008
I rent from my daughter NO CAR NOTE payy car ins pay telephone cell bill
pay capital one every month on time
(313)412-3593
Hello, All
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.
All are welcome to contact me.
As the industry keeps challenging us it’s good to know that there are options.
Our interest rates and fees are the lowest in the industry.
Homeownership is my community pledge to you.
Scott Lambert
E/M: scott.lambert1@usbank.com
Direct: 562-795-7544
Hello,
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 Mortgage Brokers / Lenders are requiring a 620 minimum credit score requirement.
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.
All are welcome to contact me.
As the industry keeps challenging us it’s good to know that there are options.
Our rates and fees are the lowest in the industry.
The program applies to future homebuyers and exsisting homeowners!!!
Homeownership is my community pledge to you.
Scott Lambert
E/M: scott.lambert1@usbank.com
Direct: 562-795-7544
First time homebuyers…
Tentative Expiration Date: Dec 2009
I am pasting a link from the IRS website below which talks about the details of the Tax Credit. I have been getting a lot of people asking me questions about this because there is a lot of confusion around the changes. After reading the Q and A.. click on the ‘related items’ at the bottom for even more info that is very relevant.
http://www.irs.gov/newsroom/article/0,,id=206293,00.html
Don’t waste time with scott lambert if you are trying to buy soon. He never answers or returns phone calls.
While the approval process is slower with US Bank, I have had no problems thus far with Scott Lambert. You have to realize that if you are being manually Underwritten, then the Underwriter is what is taking a long time, not necessarily Mr. Lambert. Email him. That is the best way that I have gotten quick responses.
Hello, All.
I have been experiencing heavy call volume due to our exciting program since the majority of the market place is requiring a 620 minimum credit score on their FHA Programs.
Our program doesn’t require a minimum credit score, however, we do analyze the layers of risk when determining a credit decision.
I have outlined a quick overview of our program that may answer the majority of your questions.
Our credit decision is based on two responses which are determined
by the overall credit NOT credit score.
1. Automated Accept – Computer Generated Response
2. Refer – determined manually.
Automated Accept:
1. All Collections > 1000.00 are required to be paid
2. System offers more pay history forgiveness.
3. Monthly debt including new housing payment >45%
of gross monthly income is subject to a manual underwrite.
4. Severe late payments within 12 months will generate a refer.
Refer: Manual Underwrite & No Score
1.Zero late payments in the past 12 months on Installment Accounts
2.Zero late payments in the past 12 months on Credit Card Accounts
3.No Collections or Charge Offs within 12 Months
4.Previous Collection & Charge Offs must be paid
5.Settlements on collections are Ok. Can be paid at closing
6.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.
Cannot have any late payments after a Bankruptcy or Foreclosure / Short-Sale.
Both responses don’t require a minimum credit score.
My goal is to help future homeowners achieve the American Dream of owning a home.
Please allow up to 48- 72 hours for a response. Emailing is the best form of communication. scott.lambert1@usbank.com
Regards,
Scott Lambert
I need a lender to help me purchase my first home. How many no fico score programs are there. I’m trying to buy asap.
Future home owner… contact me on Tuesday September 8th
scott.lambert1@usbank.com or 562-795-7544
Scott, do you do loans in OK or can you refer me to someone with your programs here?
Mr. Lambert I have been contacting you for the past month. You asked your co-worker to assist me which I still have yet to hear from him. I don’t want to waste time calling if your not going to be able to help me.
I am a previous mortgage broker with my own broker busines for many years. I have a total of 23yrs in the Real Estate Sales / Mortgage Business. I am giving you a bit of my background so that you know I have a very good understanding of the process and the industry. I am currently heavy in my real estates sales and have been sending all of my deals to Wells Fargo. I have a buyer that was pre-approved thru DU at Wells Fargo on a short sale buy. We are within the 30 day strecth to close and her score has dropped to 580 due to no fault of her own. We have a co-buyer with a higher than 620 fico. Wells Fargo min FHA Fico score is 600. I need straight answers and a Pre-Approval like yesterday since I need to send it to the investor on this purchase. Can you really help me on this deal, if not please let me know time is of the essence and I much prefer the honesty as opposed to the “sure I can do it” but in the end you really cannot. My phone # 561-929-7355. We are located in South Florida, and if you email or call me I will go over all of the hurdles we may encounter if any. Thank you
Hello Scott, I am looking to purchase a home very soon and I wanted to know if you could help me in getting a loan?
D’Ann
I would have to refer to my partner. He will be able to assist you in South Florida. Send me an Email and I will get you two connected.
scott.lambert1@usbank.com
Future Homeowner,
Please send me an email and I will try to connect you with my partner, again.
Many of my clients have been extremely happy and achieved homeownership.
Note: The goal of USBHM is to originate and service quality loans that surpass the overall Industry performance resulting in lower delinquencies and foreclosures. This is in the best interest of USBHM, investors, and our customers/borrowers. Therefore, USBHM may have additional guidelines that are more restrictive than standard government loan requirements to address borrower credit history, debt to income capacity, and adequate collateral that we believe are critical to achieving this goal.
Please review your credit and make sure that you don’t have any outstanding collection accounts. They will be required to be paid before we are able to start the approval process. The can be settled for a lower amount.
Regards,
Brittany,
Please contact me via email with a time and date I can contact you.
I check my email everyday and try to respond back within 48 hours.
scott.lambert1@usbank.com
Well I would understand my credit being an issue if we would of even got that far but I was never able to get you or your partner on the phone. So you or your partner where not able to even pull my credit or get the process in motion. I have contacted a US Bank loan officer in my city and he is helping me with the program offered by US Bank.
im with you future home owner. couldnt get anything through or going either. us bank and this guy are a waste of time.
All those interested in our program…
Unfortunately, we had an increase in call volume due to our incredible program which caused a delay with our response.
Emailing me with your credit scenario will streamline the process so we can provide the best customer service.
I will reply with a reference guide which will answer many of
your questions regarding your current credit profile.
You are always welcome to call me at 562-795-7544
Please note:
Our competitors are imposing a minimum FICO score criteria on similar loans. US Bank wants to ensure that the higher credit risk Government loans that we originate, approve and close, have compensating factors that would offset the default risk. We are not implementing a minimum FICO score for our customers. We will management the risk of these loans through our qualifying process. All loans that do not have a credit score can be qualified using Non-Traditional Credit.
All are welcome to contact me
Your trusted advisor
To all future homeowners using Scott Lambert,
I guess depending on where you future homeowners are located, there may be more call volume in certain areas. Scott Lambert referred me to Kevin which works the Virginia area and I got a response the same day from Kevin. Kevin seems on point and he also gave me a good faith estimate on the house I am to purchase. My wife’s credit was more of an issue with it being around the 560 range but he still gave us a 5.5% rate that he locked in the same day. I will keep you posted if we get approved w/a 560 score..
I’ve been reading several FHA forums and can’t express enough on how happy myself and my family were to find Scott Lambert. He’s true to his word. We finally closed on our first home after months of dealing with other lenders who claimed that they could help with credit scores below 620. Scott’s unyielding guidance has helped us so through the whole process. We can’t thank him enough. We are so fortunate to have stumbled on his posts. We will be recommending him to all of our family and friends regardless.
I recommend emailing him first.
Trust us…he will not waste your time.
Regards
The happiest homeowner
Monday, September 21st 2009. I get a response back from Kevin at US Bank who I was referred to by the one and only- Scott Lambert..
I was denied because of past collections and judgments- WHICH I PAYED OFF ALMOST A YR AGO! I understand about the FHA requirements that all collections and judgments need to be paid before settlement. Like I said my wife has a 560 score but we have no lates for 1yr, no serious debts, and no new collections for 1yr. We have the 3.5% down plus 3 months reserves..
They are pulling your strings, US Bank just wasted my time..
Luckily I saw another post about Mid-Island Mortgage that will go down to a 500 score.. I’ve been working with them the same time I’ve been working with US Bank just in case something like this happens.
To my surprise they are in the process of approving my loan! I don’t work for them nor do I have any connections or family members that work there.. I live in Virginia and Mid-Island Mortgage is located in New York, these guys are LEGIT- THE REAL FHA DEAL! I’m just glad to work with a senior mortgage consultant and a company that’s been in business since 1959.. I will keep you posted on my approval status..
Wow you got in contact with kevin. I have been waiting for over a month to hear from him. Well I’m not saying anything negative about him I’m just stating my personal experience. I was not able to get anything accomplished with him after numerous emails and voicemails. I ended up contacting a mortgage officer of us bank in my city who is helping me with the same program. So I suggest if you can’t get in contact with Mr. Lambert contact a us bank loan officer in your city.
Scott, you thought I forgot about you, no way I have been so busy getting settled in my dream home thanks to you, Scott, I want you and your ceo of US BANK to know what an amazing guy you are, if it wasn’t for you I wouldn’t be in this house, you pushed and pushed to get this loan complete when others were ignoring my calls you were right here for me, you even helped me after hours, and when you got transferred to California you made sure my loan wasn’t forgotten. I always had faith in you Scott, you are so trustworthy, and I knew I could count on you, Scott I will refer you to everyone I know who needs a house loan, you knew so much when others didn’t seem to know what to do when my score was below 620. I want US BANK to know what an outstanding employee they have who is so professional, caring and hard working gentleman, any employer would love to have, I really can’t say enough, I will never forget you, I even miss talking to you, take care god bless, a new customer… Debbie
As a real estate professional – Scott Lambert at US Bank has been absolutely terrific to work with. It’s funny because when I first met Scott, he told me to talk to as many other brokers as I could. “But,” he said, “you will come back to me because I will be truthful, honest and give your clients the facts upfront so you don’t waste your time.” He was spot on! Recently, I was working with a home builder on a Sub 620 Credit Score FHA Deal who was persuading me to work with his broker and I kept hearing in the back of my mind, “call Scott, he’ll tell you what you can do with this.” Instead, I followed the home builder and tried to work with his broker who supposedly “did these types of deals.” My client ended up losing the deal. Talking with Scott first (I found out after it was too late) would have been the single best thing we could have done because we would have been able to close escrow the first time. We eventually closed an FHA escrow with a sub 620 credit score thanks to Scott. I don’t only work with Scott for my clients (but that alone should tell you a lot), my family and I are working with him on our new home purchase. He has access to so many different loan programs out there that he found us the VERY BEST options available with an extremely low rate compared to other lenders. I know this probably sounds too glowing, but I have never worked with someone who was willing to take the time and listen to myself and my client’s needs at nearly anytime. Scott has my business for life!
It’s worth contacting him to avoid any disappointments. He can’t help everyone but will do his best to help you achieve your goals.
Hello to all. Southern Horizon Financial services Florida and Georgia.
We offer:
FHA down to 580 (manual underwrite)
VA down to 600
USDA 100% – No Mortgage Insurance
If you or someone you know are looking for a mortgage, please give us a opportunity!
David
Southern Horizon Financial
ddmonty69@aol.com
813-506-1493 cell
At Mid-Island we are still offering our ficos down to 500. We also offer great pricing and service for all our fico buckets. If you are in need of a great wholesale lender call
KEvin DeLory
Sr. Account Executive
401.333.4520
Hi there,
I have a 647 high score, a 597 mid score with no collections on the midscore. I have $30K to put down on a house and one wants to write my loan. I made some mistakes when I was younger, but now no late payments in over 2 years. Last year i made $115K (two jobs) but this year worked only one job and make over $70K a year. Can anyone help me? Please!
Thanks!
need mortgage help,
If you are in the state of Virginia, I can help. I have two outlets whose sweet spot is 580-620 credit. I am a mortgage broker in Virginia and correspond with these lenders on the wholesale market. I also own the company. You can reach me, David Sonson, at 757-926-4857.
Thanks
Anybody do loans in Atlanta, GA? I have a 588 mid score, over 2 years on the Job and am looking to purchase my first home.
Eric,
I lend in GA, call me at 813-506-1493 David
Quick update on our FHA Program:
The goal of US Bank is to originate and service quality loans that surpass the overall Industry performance resulting in lower
delinquencies and foreclosures. This is in the best interest of US Bank, investors, and our customers/borrowers.
Therefore, US Bank may have additional guidelines that are more restrictive than standard government loan requirements to
address your credit history, debt to income capacity, and adequate collateral that we believe are critical to achieving this goal.
I have outline our credit requirements below to help you determine if your credit will be eligible.
Guidelines for sub 620 Credit Scores:
10% Downpayment Required for Credit Scores <600
Zero late payments in the past 12 months on Installment Accounts
Two 30 day late payments in the past 12 months on Credit Card Accounts
No Collections or Charge Offs within 12 Months
All Collections & Charge Offs must be paid
Settlements on collections are Ok.
Alternative Credit is acceptable
Monthly debt including new housing payment cannot exceed 45% of gross monthly income.
2 Years must have passed on Ch.7 Bankruptcy
3 Years must have passed on a Foreclosure and/or Short-Sale.
**********************************************************************
Regardless of your credit score, you will NOT be penalized with a high rate of interest. Our rates & fees are extremely low compared to many other lenders. All rates are based on a 30 – Year Fixed
**********************************************************************
Loan approval is subject to program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice.
63009125104 Member FDIC
I am an Account Executive for a W@holesale Lneder licensed in 40 states. Able to approve down to 580 FICO FHA and Conventional. Please email me at iclosefha@gmail.com for more information.
Anyone do loans in Oklahoma – Recently retired Veteran with current mid 494, clearing off collection and high balances to raise score. Home is currently lease-to-own with clear rental history +3yrs
my wife I are looking to buy a home for first time.my credit score is 625 and my wife is 600 I am trying to find someone who can us approve.thank you!
Please contact me to price out the FHA 30 year fixed. Should be below 5.0% today, and we give solid pre-approval’s. We are backed by a bank, and offer quick closing’s!
877-262-8750 ext. 547
Thanks,
Farrell
Do you service loans in WI? I am trying to qualify for an FHA in WI with a credit score of 619 for me, and 705 for my husband. We have high debt to income ratio due to large student loans for medica
I live in Texas and desperately wanting to purchase the house I am renting. The asking price is $68,000 and I have $4000.00 down payment. I have a FICO score of 580. Can anyone out there help?
I am a lender in the DFW area and i think i can help you. Please email me your contact info and i will get with you right away.
Does anyone lend 580 mid-score in Ohio?
who lends to 585, and 560 in NV?
We live in Milwaukee, WI and my fiance got pre-approved for an FHA loan since her FICO was above 620, but her DTI ratio wouldn’t qualify her for the requested amount needed to purchase our first home. In the other hand, I have a mid score of 592 and if I were to be added to the loan with her we will definitely pass the DTI ratio requirement? WE ALREADY HAVE AN ACCEPTED OFFER AND WE JUST NEED TO SHOW LOAN COMMITMENT!!! WE NEED HELP, SOMEBODY PLEASE HELP EMAIL ME WITH YOUR INFO SO WE CAN DISCUSS OPTIONS. WE PREFER LOCAL LENDER. THANKS
Reply to today’s post,
my email is hjgalindez@yahoo.com, please send your information to this address. thanks
Having some trouble closing a home in Michigan. Our broker said he could get it done through BofA, but after meeting 20 conditions, the UW would not clear a late payment in 6/08. Original gredit scores were 668, but a paid chargeoff hit and dropped it to 608. we only have a short time left on the PA, and need to get this loan done quickly. Is there any hope? Debt to income is solid, and has cleared desktop underwriter. Have a full file, but no one to fund it. Do you offer loans in Michigan? And does it sound doable?
Please help!!
Hi Brian Conway,
Did you ever find someone to finance the loan? I believe our bank could help? I would like to hear more details if you have not already locked down the loan. please contact me @913-575-2153,or email.
Thanks,
Farrell
BNC National Bank
Hi Hector,
Did you ever get help on your situation with the 592 score. I have a program that should be able to help you if you have not obtained financing? I appreciate the opportunity.
Thanks,
Farrell
BNC National Bank
I live in Ohio and would like to purchase a house that’s coming up for tax foreclosure. The opening bid is around $23,000. I could go either FHA or VA (my spouse is a vet). I was told my credit score is around 548 (extenuating circumstances), but the last time I pulled it (Quizzle thru Quicken Loans), my credit score was coming in at 621…both reports were pulled within days of each other. Is there any one that can do this for me? I would be on the loan by myself, since my spouse is currently working through a temp agency.