Is it possible to get a FHA loan with $675 down and a credit score of 560?

Asked by Sharon

2 Answers

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Answered by Ted Erickson, Mortgage Broker in Novato, CA
Sharon,

With a lower fico each bank with have different guidelines. You should find a good loan officer in your area that can help you. Primary Residential Lending Inc based out of Utah has FHA programs down to 500 Fico score. You can go to their site and find a loan officer that will help you in NY. | 10.08.14 @ 17:48
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 18:45
Answered by Ted Rood, Mortgage BrokerPRO+ in Maryland Heights, MO
Hi Sharon, It's highly unlikely you can obtain a mortgage anywhere with the combination of that low of a score and essentially no down payment. I'd concentrate on raising your scores and working diligently to save a down payment. State specific lending programs aside, FHA loans require 3.5% down payment (which can be a gift from a family member), but you'll need scores higher than 560 to avoid needing a higher down payment. Consider this: If you did buy a home, with no "reserve" funds (savings), what will you do if your furnace goes out, dishwasher breaks, etc? It's not always about qualifying for a loan, it's also important to be realistic about your capacity to manage money and prepare for the inevitable expenses of homeownership. | 02.02.15 @ 06:25
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 18:45
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Answered by

Ted Rood
Ted Rood, Mortgage BrokerPRO+ in Maryland Heights, MO

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