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I have a 583 credit score and my salary is $82K. Could I get an FHA loan?

I have been at my employer for 9 years. In past 2 1/2 years I have been on straight with no credit applied for except my car. I got it to show a good pattern of paying. Have had it for 1 1/2 years.

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  Answers  |  3

January 06, 2015

That sounds like an FHA loan approval to me. The minimum FICO is 580 and 12 months on time payments is the only other credit requirement. As long as your debt to income works with the loan amount you seek, you are good to go.

$commenter.renderDisplayableName() | 09.25.17 @ 04:50


January 07, 2015

There are FHA programs that allow as low as a mid 580 score ....locate a lender that offer the program and begin a pre approval process so you can become familiar with the programs and the numbers and also so you can make sure you qualify

$commenter.renderDisplayableName() | 09.25.17 @ 04:50


January 29, 2016

While FHA requires a minimum middle score of 580 to use the 3.5% down payment, the vast majority of lenders have higher score requirements, some as high as 680. The bank I work for, for example, requires 600 scores, my former employer required 640. In most cases, credit scores can be raised fairly easily by paying down a balance, adding a tradeline, etc. One of the biggest parts of my job as a lender is to advise my clients on what actions to take so their scores will qualify. If you'd have other questions, feel free to contact me through my profile, I write loans in all states,

$commenter.renderDisplayableName() | 09.25.17 @ 04:50


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