With poor credit, is it possible to get approved for a mortgage such as a FHA insured loan? If so, what is the lowest credit score they will consider?
We are rebuilding our credit but our score is still quite poor. Is there any mortgage options out there? I hear about FHA insured mortgages but it sounds like they even have a minimum credit score. Any advice? by Matt Ferrare from Coatesville, Pennsylvania. Mar 22nd 2010
Chris Burns (chrisburns)
#34 ranked lender in Florida - 9 contributions
Most lenders have instituted a minimum credit requirement on FHA loans of 620 or higher. There are some still available at a 580 or higher and even fewer that go as low as 540. In order to qualify for anything under 620 expect for the lender to be looking to make sure you have no 30 day late payments within the last 12 months and also that you can document 2 years of stable rental history.
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