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FHA Loans down to 530 Credit Score

Saw a sign yesterday indicating a Mortgage Company had FHA loans , 3.5% down, with a minimum 530 credit score. Has ANYONE heard of such an animal or should we police our industry better?
by mcy77 December 14, 2009 1:57 PM


Im a Broker and we can also do this type of financing. The catch is that the client cannot have any lates of any kind on their credit report for the past 12 months.
www.lendingandinvestments.com
by fellow colleague December 14, 2009 6:08 PM


We can do this too.

Wendell Grimm
Account Executive
First Mortgage Corporation
wgrimm@firstmortgage.com (email)

by wgrimm December 14, 2009 7:29 PM


what states can you do these loans
by Tim Ellis December 15, 2009 11:13 AM


l Can't Do a 530 But l Can Do a 580!

"Minimum Fico For FHA 580"

Do you have a borrower with a <620 fico score? Qualify them with a True Manual Underwrite! All we require Are The Guidelines Below!!!

The following are some basic guidelines;

Purchase Transaction
. Minimum Decision Fico Score must be 580.
. Must have 12 months Cancelled rent checks or acceptable management ledger with 0
x 30.
. Maximum ratios; 31% front and 43% back (exception can be made with strong
compensating factor).
. Must have at least 3.5% own funds.
. Housing payment shock may not exceed 100% if no savings.

Refinance Transaction
. Minimum Decision Fico Score must be 580.
. Mortgage must be no more than 1 x 30 for the past 12 months.
. Maximum ratios; 31% front and 43% back

Notes:
On a Purchase Transaction 3 or 4 Tradelines open for 12 Months is require. Most Collections Should be paid or a Great LOX is require!!!


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AL, AR, CA, CT, FL, GA, IL, IN, IN, KS, LA, MA, MD, ME, MI, MN, MO, MS, NH, NM, NY, OH, PA, RI, SC, TX, TN, VA


Wholesale Account Executive
ken.little@nxtloan.com
www.Nxtloan.com.

by klittle1111 December 15, 2009 11:41 AM


Can you do these in GA
by Marktinker21 December 15, 2009 11:41 AM


Bank of America Retail Branches can do FHA loans with no score or sub 500 score. BS if you ask me, but that is the way of the beast now.

by jgallagher December 15, 2009 3:08 PM


Thank you for everyone's help. I will be contacting you. Knowledge that isn't shared is useless.
by mcy77 December 17, 2009 6:58 PM


can i get a mortgage with a 530 credit score
by drayno1@aol.com July 3, 2011 7:01 PM


Yes, I offer that program and I close quite a few deals monthly. Decent rates, no surprises, no gimmicks!
If you're interested in the program, I can be your Lender.

615-752-4165
homeloancity@aol.com
by HOMELOANCITY July 5, 2011 11:00 AM


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