Good news has returned for consumers interested in FHA loans who may not have qualified in previous months.  At Quicken Loans, consumers may now qualify for an FHA loan with a credit score of 580 and above.

Qualifying clients can lock in a low fixed rate on a 30-year, 25-year or 15-year program.  Adjustable rate mortgages and jumbo loans are not available to clients with FICO scores between 580-619.

FHA loans are designed to make housing more affordable with lower down payment requirements than conventional loans on purchases and less home equity requirements on refinances.  Less stringent qualification guidelines and the security of a government-insured loan makes FHA a popular choice for consumers.

Additional underwriting guidelines may apply when qualifying for a loan with a credit score of 580.  With low refinance mortgage rates and unbeatable client service, there’s no better time than the present to start saving money with what is likely your largest asset.

Contact a Home Loan Expert to find out more about this opportunity.

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This Post Has 300 Comments

    1. Hi Daniella:

      Every situation is different, but we can certainly help you look into your options. Someone will be reaching out.

      Thanks,
      Kevin Graham

  1. Hi,

    I have a credit score of 590 and am interested in purchasing a home. Is this realistic with an FHA loan?

    Thank you,

    Kris

    1. Hi Kris:

      As long as you credit stays intact that is realistic. I’m going to pass your information along to a Home Loan Expert so you can get started.

      Thanks,
      Kevin Graham

  2. I have 3 vantage scores 592 596 and 602 want to purchase a home max 69995. By owner use to be thru real estate but now he’s selling on his own. I have one job been there for 3 years in June and get tips don’t claim all of them 1339 gross month not with all my tips. I started another job working from home started in Nov get paI’d from that once a month this will b my third month of pay stub last month 900 plus gross Jan will be 1000 plus I am head of household and get a 10000 return back every year. I have bankruptcy 3 and half years ago and student loans deferred but my payment would b 546.10 a month no outstanding debt money in bank any loan do u think I could b approved for

    1. Hi Jeanette:

      There are several different questions there. I’m going to pass you along to a Home Loan Expert who can give you some answers.

      Thanks,
      Kevin Graham

    1. Hi Danielle:

      We would absolutely love to give you some information. A Home Loan Expert will be reaching out.

      Thanks,
      Kevin Graham

  3. My wife and i are looking to get a mortgage by june. It will be our first home. We pay $1100 in rent now. My credit is the problem with my score being just over 600 and hers is around 690. Is it possible for us to get a mortgage?

    Thank you

    1. Hi Andrew:

      When couples apply for a home together, mortgage lenders take all of the available credit scores for each person from the three credit bureaus – Equifax, Experian and TransUnion. Once a person’s personal credit score has been averaged out, it’s averaged again with the credit score of the other person on the loan. Assuming the credit scores from the bureaus are all around what you think they are above, you could potentially have several loan options including both FHA and conventional mortgages. It’s just important to note in these situations that there are actually three sources measuring your credit score. I’m also going to give you a link to a blog post on building up your credit that you may find helpful.

      Thanks,
      Kevin Graham

  4. Hi,
    Our situation is a little complicated because of my husband’s back child support but I was told if he can prove payments that FHA could approve him?
    The loan would be in his name only. He makes all the money and I freelance for the last year so it is impossible to document. He makes about $45K a year. We would not mind a two family for extra income.
    My credit is not issue, it is too ugly to look at but since this is his loan, I also worry about the arrears payment being too high for LTV and DTI. He also has a car payment. His mid score is 581 but that could go up with paying down his credit card after the holiday. We will be saving for the the down payment the next few months. We are looking at a home between $80K and $50K. Really not that large of a loan but to us, a home is a miracle and to not pay someone else’s mortgage. We pay $750 now so you get the picture. Thanks, Kim

    1. Hi Kim:

      Every situation is different, but I’m going to have someone reach out and see if we can look into your personal financial profile further to find out what options you might have.

      Thanks,
      Kevin Graham

  5. Hi, I make around 18,000 per year single mom of five. With additional income it rounds up to about 26,000. My credit score is about 615 is it possible to get at least 70,000 mortgage loan. Might I add I have a nice return from taxes each year. I know I can afford it. After all I pay $850 for rent.

    1. Hi Nicole:

      We would be happy to have a Home Loan Expert reach out to you tomorrow and look into what options might be available for you. Enjoy the rest of your Sunday!

      Thanks,
      Kevin Graham

  6. Hi I’m wondering how long your credit history needs to be in order to obtain the fha loan. My husband and I are first time home buyers but we are running into the issue that we have done everything with cash up until 6 months ago. We keep running into this issue.

    1. Hi Casey-

      The amount of time you need to have an open credit history depends on your situation. I’m going to have someone reach out to you about this. Have a good day!

      Thanks,
      Kevin Graham

    1. Good morning, Dokas! We can certainly look into your situation. I’m going to have a home loan expert reach out to you with an email. Have a nice Monday!

        1. Hi Naimah:

          I can help you with that. I’m going to pass your come along to a Home Loan Expert so we can gather some more information and look into your options. Have a great day!

          Thanks,
          Kevin Graham

  7. Hello, I’m interested in getting a home loan possibly through rehabbed and ready from Detroit land bank. Do you all extend mortgages for fico around 600?

    1. Sure thing, Alicia. I’m going to pass your message to the right people, and they’ll reach out to you with an email.

  8. Hi.
    I have a credit score of 642, 632 and 622. I own the house that I live and and the car that I drive. I will make close to 100,000 this year. I have been at my job 11 years. Can I qualify for a loan for 130, 000?

    1. Hey, Kenney! First of all, congrats on having your home and your car paid off. That is quite an accomplishment! There are a few more factors that need to be considered before we can give you an answer (debt-to-income ratio, value of assets, etc), so I’m going to have a home loan expert reach out to you. They’ll help you get started! Have a nice Thursday!

  9. I have a credit score of 580, I own my home with no mortgage. However, I’m in back taxes. Can I get an equity loan to pay back taxes and get $10000 for repairs on home? I have long term employment history as well. Who do I reach out to for help?

    1. Good morning, Sue. I’m sorry, but Quicken Loans does not currently offer equity loans. You might look at obtaining a personal loan, though. This would be a higher-interest loan than a mortgage, but it will give you some time to get the necessary funds in order. Best of luck in your situation!

  10. Hi –
    My husband and I are looking to purchase our first home together. I am a first time home buyer. I’ve been building my credit score over the past several years. I got it to almost a 700 and once I paid off my car it dropped 82 points. We are in desperate need of something bigger. We pay $765 in rent and we both work full time. Can someone help us?

    1. Good morning, Amanda. I’m going to have a home loan expert reach out to you about some options. Your credit score is affected by the types of credit currently being used (student loans, credit cards, car loans, etc.). So yes, when you paid off your car, it hurt your credit score. But frankly, car loans are high-interest debt, meaning (in the long run) it makes more sense to get rid of them. There are better ways to build credit. Here’s a handy article about pumping up your credit score. It doesn’t fit your situation perfectly, but it will give you a good starting point.

      Be expecting an email from one of our experts. They’ll dive into your situation and give you some tips.

      Have a nice weekend, Amanda!

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