I'm wondering if I would qualify for FHA and what the best rate I could get would be- credit score of 610? by mememeee602 from Scottsdale, Arizona. Jan 18th 2017
IT's possible, but more info would be needed.. FHA has a minimum credit score of 500, but if your score is 580 or below, you must have 10% down.. For loan pricing based on credit score, we need to run the credit for all borrowers and on all 3 major credit reporting agency.. then we take the LOWEST MID score of ALL borrowers.. that is the score used for qualifying purposes.. But the real question is why??? Why is the score so low? BK? Foreclosure? Short Sale? Unpaid Judgments? Unpaid taxes? Unpaid student loans? You could have a 750 credit score, yet with one of these credit deficiencies, you still might be denied.. having a sufficient credit score is no guarantee you will get approved.. So, if you want to know for sure, you should give me a call.. I'm here locally in Scottsdale, and I have vast experience in helping low score borrowers obtain financing for a home.. If you don't qualify now, then I can show you how you can qualify in as little as 15 days.. And if we can get the score high enough, I can even assist you in qualifying for the state of Arizona's different grant programs where they will give you the down payment... WilliamAcres.com RPM Mortgage, NMLS License #226347. 480-287-5714
Hopefully that is the middle FICO score. Otherwise, it is as William said below.In addition, you'll need to verify employment, down payment, and closing costs.
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