Asked by Sharon  |  Submitted October 08, 2014

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

Report Question Report

  Leave Answer

Log in or sign up with email
By submitting you agree to our Terms of Service

  Answers  |  2

October 08, 2014

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.

$commenter.renderDisplayableName() | 02.21.17 @ 00:42

{comment}

February 02, 2015

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.

$commenter.renderDisplayableName() | 02.21.17 @ 00:42

{comment}

  Our Professionals Are Available to Help!

  Can't find What You're Looking For?