FHA Credit Scores - Manual underwrite?
We are trying to make a home purchase. My husbands mid score is 602 and mine is 580. We have 2 strong co-signers available. We have been unable to find a bank that can do an FHA loan with our credit scores and they will not do the FHA loan with only our co-signers as it will not be their primary residency. The previous bank we were working with said they could do a manual underwrite with our credit scores but after 4 extensions on our closing date they now say they cannot. Can anyone help this situation or do we need to walk away from the house? We are located in NH. by scloutier21 from Plaistow, New Hampshire. Sep 8th 2010
Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions
Our minimum credit score for FHA is 620. What I would suggest is that you raise your score by 20 points to qualify. This is usually accomplished by paying down some high credit cards you may have to 30% or less of the credit limit. That should do the trick but I would not know without viewing your credit report. Please send an email to adennie@fmbranch.com if I can be of further assistance. Thanks.
Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions
Our min credit score for FHA is 640. Sorry.
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