You might be able to get an FHA home loan with a credit score of 600. But it will also depend on your other qualifications. They’re not giving these loans out like candy, like they were during the housing boom. In 2011, FHA borrowers will be scrutinized just like any other mortgage applicant. We’ve already talked about the credit score requirements.
FHA really isn’t credit score driven, it’s the Banks and Lenders that set those score requirements. There are a few lenders that go down to 580 with FHA, I personally have closed on several homes with clients around under 600. I recommend all my clients that have credit issues to check with The Lenders Network, check them out.
The minimum down payment you need also depends on your credit and financial. an agency that insures loans made by private lenders. FHA-approved lenders make FHA loans with a 3.5 percent down.
Here’s what you need to know about qualifying for an FHA loan with a credit score in the 600 range: HUD has two official cutoff points for borrowers who use this program. mortgage lenders that participate in this program can set their own credit guidelines, Mortgage lenders use your credit.
FHA Loan with 600 Credit Score The most common type of loan available to borrowers with a 600 credit score is an FHA loan. FHA loans only require that you have a 580 credit score, so with a 600 FICO, you will definitely meet the credit score requirements.
Q: I currently have an FHA loan at 6.5 percent. I’d like to refinance at a lower rate but my credit score is below 600. What can I do to find a better rate? My house is appraised at over $130,000 and I owe less than $80,000.
The FHA allows you to qualify with a credit score as low as 500 with a 10% down payment. So, with a credit score of 600 you are in a good position to qualify. For a mortgage loan, a credit between 550 and 650 is considered poor.
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