is 620 acceptable for an fha loan?

620 only works on a VA loan, an FHA loan is going to require scores more in the 640-660 range depending on the investor. A tip that I always give my clients is to look at the balances on your credit cards. If you have an account with a balance that's greater than 35% of the limit on that card, they're hammering your credit for it. If you have a few hundred dollar balance on a card with a $500 limit, paying that off could increase your score by the amount that you would need.

Many lenders have a minimum 640 middle credit score for FHA loans. I am in Albuquerque and can allow a 620, sometimes lower. A credit score is just one part of the credit picture. Lenders need to look at what factors are present to create the score. I would be happy to speak with you further about your specifics and there is no charge or obligation. Please feel free to email me from my profile or call/text me at 505-350-3745. Best regards, Charlie Sparks, MLO# 195031, Pinnacle Capital Mortgage.

I agree that increasing your score to above 640 is the best route. Even if you can find a lender that will allow the lower score you may have to put 5% money down vs. the traditional 3.5%. To raise your score is could be as simple as paying your credit cards down to below 40% of the available credit line. Or getting a collection removed could impact your score positively in a huge way. You don't need a credit company to do this. I would be happy to go through your credit report with you and see if there is an easy way to increase the scores. Best of luck, Phil Hills Loan Guidephilhills.com 505-792-9313

There are lenders who will go below 620 mid score, however the lower the score, the more guidelines and restrictions your faced with.. if you can get your score above 640, you would have endless options available to you.. but keep in mind that it takes much more than a credit score to get approved... If you have a foreclosure, short sale, BK, tax liens, unpaid student loans, judgments, etc.. even If your score were 740 and you had these issues, your loan could be denied.. Plus the lender needs to look at your complete profile.. not just your credit score.. income, type of income, job, type of job, length of employment, assets... etc.. your complete profile is necessary for a lender to make it's decision, not just the credit score. The only way to know for sure if you will qualify is to apply.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

640 score is needed.

FHA does not have a minimum score, however lost lenders or investors do, the normal is 640. Your might be able to find a lender to do a <640 score ,but they might require a higher down paymentYou might be abe to increase your scores witha. paying down an acocuntb. increasing your credit limitsc. correcting an issue on your credit reportemarez@thefederalsavingsbank

While your credit score is only part of what you need to qualify for a loan, it is an important part. As the others have stated it is best to get your score above a 640, or even higher. Speak with a local lender and let them know your situation. They should work with you and help you to increase your score, while also looking at your whole picture to see if there are other things that may effect your ability to qualify. Best of luck to you!

Generically speaking, yes, you can get an FHA loan with a 620 credit score. But having such a low score generally will significantly decrease your lender options, and will increase the interest rate offer to you. Try to get a middle score above 640 to get the best deals in the market. Also remember, that credit score alone does not a loan approval make. Lenders look at more than just the score, and many times the items giving you the low score can be a deal killer (collections, judgements, bankruptcies, foreclosures, and just good old fashioned late payments).

Yes, you can get a FHA loan with a 620 credit score. Contact a local lender in your area.

I am able to receive an approval. Technically I can receive an approval all the way down to 580 however you must be able to prove your rental payment history for a year. If your score is over 640 you won't have to. That is the reason why many are suggesting you increase your score. If your currently at a 620 then getting to a 640 shouldn't be too difficult.

Prospect Mortgage is able to consider financing a home down to a 580 middle credit score. Please go to our website to find a local Prospect Loan Officer in your area. www.myprospectmortgage.com then enter your zip code. Sincerely, Mandy Fritsche, Prospect Mortgage, Mortgage Loan Officer, NMLS# 557211262-327-5700 Cell, 877-868-9198 Fax, mandy.fritsche@prospectmtg.comwww.MyProspectMortgage.com/mfritsche

Hello. We providee FHA home loans with a fico as low as 620. You will need 3.5% down which can be a gift, community loan, or personal savings. There are other programs that are just as competive as the FHA such as a MY community loan. This program also only requires a 620 fico score and only 3% down.Also if you are a hero you may qualify for additioanl discounts and down payment assistance. If you would like additional information on the differences and how these programs could work for you, call me any time. Sincerely, Iris Guzman0ffice: 505-349-8533 Direct: 505-250-2137

The question is, is 620 acceptable for an fha loan? In general, the answer is Yes, however there are many other factors that play role in the mortgage options and loan decisions. It is best to contact a local licensed mortgage professional in your state. To find a mortgage professional in your state you can go to www.namb.org

Yes 620 with other compensating factors can help you get approved for a FHA loan. Along with stable rent/mortgage history, good collateral/equity, and installment payments you can get approved for a loan. We lend in New Mexico.. contact me and I can get you a loan officer in your state! Good luck!

Most lenders are looking for a 640 or higher for an FHA loan. Although, you can find some that will go as low as 620.