Can FHA approve 590 credit score or is that too low?

I can actually do an FHA loan with a 500 score with 10% down. I can go to 580 with 3.5% down. Give me a call, I am licensed in California. 800-335-6897 - WeFixRates.Com

There are some lenders that will go down to 580, but you have to be current on everything with no lates in 12 months. If you are needing a contact, depending on your state, I can refer you to someone.

Guidelines do allow scores in that range...as pointed out you will need to meet the rest of the credit guidelines. Please feel free to contact me to discuss your scenario.

Yes - but it's not just the score they'll be looking for. As already mentioned in the earlier answer to this, you'll need a higher down payment, too. Most lenders have stricter requirements than FHA so most would not offer their FHA programs without a higher score. If your lower score is due to a lot of recent late payments or non-medical collections then you may have trouble even if the lender says that the score itself is OK.

I agree with Tri point lending- anything below 620 is going to come with a lot stricter guidelines and be much more expsensive with a higher interest rate. If you are at 590 you only need 50 points to get to 640 which would be the ideal spot. This may take as little as paying down a few credit cards to get the score boosted. i would be happy to show you how to raise your credit scores so you do not have deal with this issue at all. Plus keep in mind a 590 score is going to cost you hundreds of thousands of dollars in interest with any new credit cards, loans that you incur with in the course of your life. Having a healthy credit score is essential to saving the most amount of money for not only the purchase of your home but everything you use with credit! Let me know if you would like a free credit analysis!