Article Score0

Does anyone have any information on any lenders in Ohio going this low for a credit score? I know that FHA still allows scores to 580, but most lenders won’t go that low – 620 to 640 seems to be the range for most. Trying to get a client/buyer qualified, but not having much luck. I believe their score is in the 590’s and property is located in Columbus.
Just announced yesterday – “The FHA will also require borrowers to have at least a credit score of 580 to qualify for the agency’s 3.5% downpayment program. Those with lower scores will have to pay at least 10%.” I realize other factors are considered like employment history, DTI, etc and the PMI will be higher, but the score is within FHA guidelines. I called FHA/HUD and it is being done, but they don’t keep lists of lenders and advised me to start calling lenders to ask. I’m just trying to see if anyone has any information to save myself some time in calling dozens of lenders.

7 Thoughts on Mortgage Companies in OH doing FHA loans with 580 Credit Score?
  1. Reply
    Ryan M
    November 25, 2011 at 11:30 am

    No lender will go that low. The average FICO score for an FHA loan is about 690.

  2. Reply
    [email protected]
    November 25, 2011 at 12:20 pm

    I haven’t seen anyone under 620 get approved. Can you look at their bureau and get them to improve their scores? New info came out yesterday from HUD saying 580 will require 10% down, but I can’t get them approved with that low of a score anyway.

  3. Reply
    November 25, 2011 at 1:16 pm

    None. They are going to need a hard money lender. The banks are tough enough for normal people to get loans from, let alone someone guaranteed to default.

  4. Reply
    November 25, 2011 at 2:15 pm

    If you can’t find it that is because it does not exist. Would you lend them money?

  5. Reply
    November 25, 2011 at 2:34 pm

    I am a private registered loan lending firm based in UK, we offer short and long term loan. we can be of help to you. if you are interested email or call us now so we can proceed to the next level. Awaiting your prompt respond asap.
    Mr Frank Smith.
    Email: [email protected]
    Tel Num: +447045723089.
    Mic Loan Company Ltd,
    14 Cabot Square,Fulham,
    London,United Kingdom

  6. Reply
    November 25, 2011 at 3:28 pm

    It is not up to the lenders it is up to FHA and right now the minimum is 620 and soon to go up for the 3.5% downpayment otherwise down is going up to 10%. Be aware also that the cost of PMI is about doubling

  7. Reply
    November 25, 2011 at 3:37 pm

    I have heard that Wells, and B of A will “look” at FHA files with scores down to 580 but I cant verify that.
    I do have a wholesale lender that says they will go as low as a 550 on FHA but the rate is higher than current market rates for FHA loans. Is there anything on their credit that can be deleted so a rapid re-score can be done?

    Leave a reply

    Register New Account
    Reset Password