minimum credit scores

[minxcomp1]

Can anyone tell me the minimum credit score for getting a FHA loan? About a month ago it was 620, and I was wondering if it has gone up or down since the stimulus package has passed...

[morrow]

There are still lenders out there that will go down to 540, however the terms may not be as favorable and everything else needs to be clean.

My suggestion? Get yourself up to at least a 620 first. With that score, you should qualify much easier at a better rate.

[minxcomp1]

There are still lenders out there that will go down to 540, however the terms may not be as favorable and everything else needs to be clean.QUOTE]

what do you mean by "everything else" exactly?

[Rick9972]

There are still lenders out there that will go down to 540, however the terms may not be as favorable and everything else needs to be clean.

Morrow is the expert, but I think she means by everything else to be:

1. No lates in the 12 months.

2. No open collections.

3. No unsatisfied liens.

Things like that.

[morrow]

Morrow is the expert, but I think she means by everything else to be:

1. No lates in the 12 months.

2. No open collections.

3. No unsatisfied liens.

Things like that.

Thanks. In addition to those, a lower debt to income ratio, most likely some reserves in the bank, just to name a couple. Basically they may pick your file apart with a finer tooth comb, making it a little more difficult and having to jump through more hoops in order to get a loan.

Im not saying this happens everytime, but be prepared nonetheless.

[Dre]

I was recently looking to purchase the house and my loan officer at Bank of America told me: 620 for credit score and he did ask if I had additional assets.