Low credit score FHA 203k

Presently, you do not credit score qualify. Even if you can raise your credit score above 640, it still does not guarantee that you will credit qualify. Make sure you know the underlying causes for the poor score and address them accordingly. The vast impact on your FICO scores is behavior (i.e. timely payments, no derogatory, proper credit utilization, and did I mention timely payments). Seek out a Certified FICO Professional to walk you through the proper steps to improve not only your FICO score, but also your credit report. Happy 1st Day of Spring!

Hi,Our bank offers an FHA loan to 580. However, for the FHA 203k we require a 640 fico score unless there are very strong compensating factors (ie assets, low debt to income ratios, stability of income, etc). Chris

Virtually all lenders that participate in the 203k program are going to require a minimum mid score for all borrowers to be 640 or better. What this means is you will need to work with a reputable Mortgage Banker/Broker to help you figure out why your scores are where they are and what you need to do to correct them so your score will get to where it needs to be. DO NOT use one of the so called Credit Restoration firms without talking to a Mortgage Professional first. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com