First time home buyer with a 620 credit score? Help!

there are options for borrowers with a 620 credit score.. FHA does not have a minimum credit score, however the lenders own additional guidelines will require that your score be 640 or above for most.. some will go down to 620, while others will go as low as 550.. keep in mind that the lower the score the tougher the guidelines and the tougher it will be to get approved.. that being said, it takes much more than a credit score to get approved.. income, type of income, job, type of job, debt load, credit history and credit deficiencies.. all this is analyzed in determining eligibility... I have had borrowers who have 750 scores and have been denied.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Hi Jennifer,I am a mortgage broker and have access to 30 banks. I have several banks that will approve buyers with a credit score of 560.Now that being said, a credit 620 is very favorable for an FHA loan. Please contact me for more information.Your friend in the business,Kirsten FleenorArray Capital InvestmentBranch Manager214-886-2898

You will have better options by going to your local mortgage brokers. Sometimes community banks or credit unions might also be able to help you buy your first home.

Jennifer,Your scenario is not a problem. I do loans down to 600 as long as you do not have a Bankruptcy or Foreclosure. I am located in the greater Houston area, and do loans all over Texas. You can reach me at 832-886-2761, or toll-free at 877-364-6102, ext. 83.

You are close. You have options, a USDA Rural Development Loan if your are looking to live in a rural area of Texas. The great part about this loan is you would need no money down. Or with the right 620 credit score you may qualify for a Conventional Loan with 10% to 20 % down. Please call me if you would like to talk about your options. I will be licensed in Texas very soon. 517-240-3015

Jennifer, I can help you. I can underwrite you in-house FHA down to a 600 credit score. You should be fine on the credit score. Give me a call at 512-663-5515 and I will pull your credit for free and get you pre-approved.Matt Spinn NMLS 212443512-663-5515

Ms Jenniferwe have few lenders who will go as low as 540, I am in Dallas, FT worth Area, number is 972 466 2551 or Toll Free 866 374 4427