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.
WE WANT YOUR FEEDBACK
I am in search of a lender who issues FHA HUD 203 loan. I am looking at a property that is in foreclosure and in need of repairs and rehabilitation. the total cost will be under $100,000.00.
My credit score is 603.
Please contact me by E-mail as I have a hearing problem and find it difficult to communicate by phone.
Hi Kevin,
Unfortunately we are not doing any 203k loans at this time. Good luck to you and please keep us in mind in the future!
Hello
I am wanting to buy a property. First time home buyer never owned a home. Mortgage is 42k. Salary is 33k. I have 1 monthly debt $380.00. I currently rent for $659.00. My credit score is horrible, but I know something can be done.
Please let me know if you can help
Thanks
HI Christa,
Thanks for reading! A Home Loan Expert will be in touch with you!
Hello, I’m looking at getting an FHA loan. My credit is also horrible but I believe it’s close to 580. My wife and I rent a home for $900 a month but are looking to get into our house. Our income is around REMOVED Gross. I would love to hear from someone.
Thanks,
Drew
Im a first time home buyer and my score is 600 could I get approved for a loan of 95,000 with a 30 yr fixed rate
Hi Derrick, thanks for reaching out to Quicken Loans. I will have one of our home loan experts contact you shortly to see if we can be of assistance. Thank you!
I’m a Frist time home buyer looking for a loan of 75 to 80k income 1920 a month before taxes no debt credit score 646 two charge offs on credit report collectors paid infill. Could I be approved for FHA lone.
Hi Jason, thanks for reaching out to Quicken Loans. I’m going to share your message with one of our top home loan experts and he’ll be in touch shortly. Thanks and have a great day!
Hello i am interested in a loan of 85 ,000 have a credit score of 580 627 and 613. I am a first time home buyer and want an fha loan…….
Also i have an income of 3500 a mth
Hi Brian, thanks for reaching out to us, I will pass your information along to one of our home loan experts who will contact you shortly. Thanks and have a great day!
Hi, I am interested in a loan for 130,000. We are first time home buyers. My credit score is a 613 my husbands is not so good. Our yearly income is 73,000.
Hi Alissa, I will pass your message on to one of our home loan experts who can contact you about purchasing a home. Thanks for reaching out to Quicken Loans and have a great weekend!
Hi my husband and I are looking to buy our first home. I work part time and have a cs of 588 592 and 600 my husband works full time and his scores are slightly lower than mine. We have recently paid done some credit repair and are waiting for our scores to reflect that. We really want to purchase while prices and interest is low. We live in an area that was hit pretty hard by the economy and homes are going for really cheap.
Hi Krystal, thanks for reaching out to Quicken Loans. I have forwarded your message to one of our home loan experts who will contact you shortly to see if we can be of assistance. Thanks and have a great day!
I am looking for FHA loan with middle score of 580. Looking to purchase house for about 95,000. Have 5 percent down. Recently paid off some debts to allow for payment. Also moving to town where I work will save about 200 per month just on gas. Now renting and paying about 850 with utilities. Please let me know if u can help.
Hi Emily, thanks for reaching out to Quicken Loans, I have forwarded your request to one of our home loan experts who will contact you soon to see if we can be of assistance, thanks and have a great day!
Hello, i believe my middle credit rating is about 680 or better. My wife and i make near or above 100,000 annually. We are not first time home buyers. Can you help my wife and i?
Hi Hamilton,
Thanks for reaching out to Quicken Loans, I have shared your comment with one of our home loan experts who will contact you shortly to see if we can be of assistance. Thanks and have a great day.
My husband and I are looking to buy… We make around $110k/yr, and credit scores are now on the rise. Mine used to be in the low 500′s, but just this month jumped to 631/606/580. His scores are about the same, however he just paid something off and I believe his score will jump up higher than mine now. We are looking to purchase around $ 225k. Also, his name is still on the mortgage with his ex wife… Could we do FHA?
Hi Beth, thanks for reaching out to Quicken Loans, I forwarded your request to one of our home loan experts who will contact you shortly. Have a nice day!
I am wanting a refinance on my loan and my middle score is a 580 I have a 1st and 2 nd and want combine thanks
Hi Brian, thanks for reaching out to us, I have forwarded your request to one of our home loan experts who will contact you shortly, thanks.
Hey,
We are looking to get a home loan for 150000. My husband make 36k and I make 41k a year. My cs is 535 to 560 and his cs is 600plus. We are trying to get pre approve to purchase this home within 45 days. We have 6k for down payment. Do you think you could help
Thanks for reaching out to Quicken Loans. I’ve passed your question on to one of our Home Loan Experts who will be contacting you soon.
Thanks again!
I was told that the minimum for an FHA loan is 620. Is this correct?
Thanks for your question. I’ve passed it on to one of our Home Loan Experts who will get in touch with you soon. Have a great day!
Hi, I would like to see if this would be an option for us, scores are approx 580 and on the rise as we pay off stuff, debt to income is great, looking to purchase 200k have 10% down as of now, thank u!
Hi Ashlee, thanks for contacting us. I have forwarded your request to one of our home loan experts who will contact you to see if we can help! Have a great weekend!
Hi I just went through the HAFA refinance on my current home but I still cannot afford it. I have a renter as soon as I can find a new place. My FICO was 790 until 2008, when the recession hit and I ran behind due to many reasons (divorce,dramatic loss of income, medical care for my mother who passed away recently). There are some old collection accounts from 2009. My FICO score is now about 600, I have 10-20% down. The kicker is I am SELF employed for 12 years. Income is steady and on the rise now. I have no car payment or credit cards now except one with a very low limit. I use it and pay it off each month to help build my credit up again.
Would I ever be considered for an FHA?
Hi Cynthia, Thanks for giving us a bit about your financial background, there are several factors that determine qualification, so I’ve forwarded your request to one of our home loan experts who will contact you and see if we can be of assistance. Thanks for reaching out to Quicken Loans.
I have credit scores of 627, 607 and 607. I have had some credit issues but have made arrangements to pay things off. I am looking to secure a FHA loan for 60K to 75K. I am
a first time home buyer looking to purchase a condo. I make 18.00 an hour and I would like to purchase within the next 6 months. Would Quicken Loans be able to help me with my financing needs?
Hi, I am a first time buyer. I am a hairstylist and my first 2 years I was paid under the table. I started getting paid in January by pay checks but it does not show all my tip income. Is there anyway to receive a loan w out W2 forms ?
Hi Meghan, it’s going to be difficult to qualify if there is not a documented history of income, but I’m going to forward your request to one of our home loan experts who will contact you. Thanks
Hi Holli, thanks for reaching out to Quicken Loans, I have forwarded your request to one of our home loan experts who will contact you soon to see if we can be of assistance, thanks!
Been preapproved, do you offer yet 203k?
Hi Jessie, are you looking for a $203,000 loan to purchase a home?
My hubby and I are trying to buy our first home. He’s retired NAVY full bene’s and we already have our COE for a VA loan. We have had no slow pays for more than a year, and not counting MY student loans are DTI is around 29%. Both of our midscores are 655 and 605, is it possible for us to obtain a loan for a home between 290K – 315K. I don’t believe our income will be an issue at all as we’ve got a combined total of about 13K a month.
HI Marie, thanks for reaching out to us, I’ve forwarded your request with one of our home loan experts who will contact you soon. Thanks!
608 score looking for a 93000 FHA loan
Hi Matt, I shared your inquiry with one of our home loan experts who will contact you shortly. thanks!
Can anyone help me, i keep getting disapproved. I have a 625 credit score, and also am VA qualified if I can go that route. My fiancee credit score is 640 but is not a vetran. Are u all able to help. We have 4K downpayment, which isnt alot, but would really like to move by Jan 2013.
Hi Monica, one of our home loan experts will contact you shortly to see if we can be of assistance. Thanks!
My husband and I are looking to get into a home of our own. We have found a house with a list price of 197,400. My credit score is in the mid 600s but my husbands is currently 571. We know for a FHA a 580 is required and we are hopeing it will be there very soon seeing as how we have recently taken care of somethings that were negatively impacting his score. My husband has a good secure job with a steel mill with an income of about 80,000. While we know we have to wait a little bit for his score to move up a few points , I was just wondering once that happens if your company may be able to help us with a FHA loan. Thanks!
Hi Emily, thanks for reaching out to us, one of our home loan experts will be contacting you with more information.
My credit score is around 700+. The main reason it’s so low is that I haven’t had an open account for a long time. I typically pay cash for everything. I’m in IT, loving the work I do and making an industry average of $70,000/yr. I want to buy foreclosure property that would require some fixing up (would like this included in the loan) Ultimately the home value would be around 20%, or above, total investment including the fix up costs. I’d like to put down as little as possible to ensure I always have enough cash available. Total loan with improvement costs I’m looking for is $150,000 – 170,000.
Should I open credit card accounts to boost my score before I look? If I open two credit accounts, how long before my score improves to excellent?
Hi John, Thanks for reaching out to Quicken Loans. Your score is strong if it is 700+. One of our home loan experts will contact you soon to see if there are options available for you.
Mine and my husbands credit scores are right around 600 (some a few points lower, some a few points higher) and would like to purchase a home. Is the minimum credit requirement still 580 for FHA or did it go back up to 620? I was under the impression that it went back up. Also, if we are looking at a 60K home, what would the minimum income requirement be? No other debts. Would it be 35, 45 or 54 percent DTI ratio with those kinds of scores?
Hi Julie, thanks for reaching out to Quicken Loans. One of our home loan experts will contact you to go over your questions.
Hi my husband and i are trying to buy our first home he has a 580 613 647 my credit is a bit lower than that so were gonna use his credit he also makes 4000.00 a month works in the oil feilds can we get an Fha home want to buy our house for the holidays looking to buy home Within 30 days no debts at this time…..also would like to buy a home for up to 85,000
Hi Tania, thanks for reaching out to Quicken Loans. One of our home loan experts will contact you soon to talk more about your specific situation. Thank you.
Quicken Loans did not lower their credit rates down.. i just got off the phone with those (word deleted) and i have a 612 credit score and they said i NEED
at least a 620 before they would even consider me..
Hi Derek, thanks for your feedback. We do have a credit minimum of 580 but there may be circumstances in each individual’s profile that may require a higher score for qualifying guidelines to be met. I’ve shared your feedback with the team and they will look into it further and get back to you. Thank you for your patience.
Hi Victoria,
I just finished grad school in March of 2012 and landed a decent job in Phoenix, AZ. Although I don’t make as much as I would like, my salary covers all my expenses and then some. Because I chose to get a masters degree my debt level is pretty high, but, my payments have not kicked in yet. I have one liability payment which is an auto loan through Chase Finance. Besides this, no other monthly payments. During college I did let go of a some credit cards, and the amounts have been written off by the debtor. The collection agencies still call to collect, but, most are relatively old not sure if they matter at this point.
Checked my scores and they are pretty low, I think the mid fico is xx. I would like to put 10% down on something around xx depending on the home. I don’t expect to get the red carpet treatment by any means, so, I’m prepared to do what it takes to buy a home within the next 6 – 9 months. I really need assistance! Let me know where to start.
Thanks,
Carlos
Hi Carlos, thanks for contacting me. I’ve shared your inquiry with one of our home loan experts who will reach out to you soon, thanks!
Hello, my name is Peggy, I’m a Nurse with good work history and I make $xx,000 a year I’m looking at a 1879 sq ft Home with a 3000 sq ft 3 bay door 2 story garage with office on 4 acres in Milton Florida.The sale price is $xx,000 and it’s ready to be lived in. I want to but it through a FHA loan. My credit score is xx I have a few small medical bills, a cable co that claims I didn’t return eqt. and 4 others a gas company,and another cable co. I bought 2 trucks in 2005 at the same time from for $xx,000 and the other for $xx,000 I paid $xxxx.00 a mo in payments for both for 48 mos never late never missed a payment I paid the last payment in Feb 2010. However it isn’t showing on my credit report. I called xx there she was my loan officer and told me if I ever needed a bank or the info for a loan all the lender would have to do is call Sovereign Bank with my info and they would fax the info to them. I feel as if this is hurting my chances of getting my home loan because it is not being added into my score as good credit. I really want this home for my family and my debt is only a $xx.00 a mo payment loan I took out just to get some kind of revolving credit going. All my cars are paid for and I pay cash for everything. I haven’t tried to get the loan yet I have a realtor she is the property manager for the home I’m renting now. I’ve been here 2 years never late in payment $xxxx.00 per mo so I asked her to be my realtor in finding a home. The owner of this home wants to sell it and I don’t want it and my lease is up in 2 mos. Do I have a chance at a FHA loan? Thanks Peggy.
Hi Peggy, thanks for reaching out to us, I have shared your information with one of our home loan experts who will contact you to learn more about your situation. Thanks!
My husband and I are trying to buy a house, does quicken loans do mortgages with a mid score of 601?
Hi Megan, thanks for contacting us. I have shared your inquiry with one of our home loan experts who will reach out to you soon. Thanks!
I am inquiring about an FHA purchase loan for my Mother. She makes $xx,xx.00 per month from Social Security, has a mid FICO of xxx, has four small chargeoffs, all from over two years ago, has four secured credit cards ( balances from $200 to $500 ), that she has been paying on for over a year, with no lates. She keeps the credit cards at zero balance, and is looking to purchase a one-bedroom, low-rise condo in San Jose, California, with a purchase price of about $xxx,000. I have $xxxx in down payment money that I can gift her.
Can she qualify for FHA? What would be the maximum back-end ratio ( I believe she would be about 50% DTI )? What are the tradeline requirements ( I heard 4 x 12 months )? Is the minimum FICO still 580? What is the rule on chargeoffs and collections? Can all the downpayment be a gift?
Please advise,
Thanks,
Carl
Hi Carl, thanks for contacting us. I’ve shared your inquiry with one of our home loan experts who will reach out to you.
What are your current requirements for an FHA:
Down Payment?
Credit Score?
Income? or Debt to income ratio?
Thanks
Hi Lisa! We have forwarded your questions to our Home Loan Experts who should be getting in touch with you shortly!
Thanks for reading!
Any options for a 619 FICO score?
Hey Josh,
I’ve forwarded your question to one of our Home Loan Experts. They should be getting in touch shortly!
Thanks for reading.
Hi Shanty!
I’ve forwarded your question to one of our Home Loan Experts. They should be getting in touch shortly!
Thanks for reading!
Hello, I wanted to inquire about home loan for a first time home buyer. My median credit score is a 647 and I have an income of about 3900 pre tax. I live in a high cost area (northern california) and would need about $225K to make a reasonable purchase for my needs. I pay about $300 for car loan (2yrs left) amd $170 school loan. What are my options. Conventional or FHA.
Thank you.
I tried refinancing and I was told the same things as Derek, a 620 score was needed. I have not been late on my mortgage the five years I’ve had it.
Hi Ruthann, thanks for contacting us. I’ve shared your inquiry with one of our home loan experts who will reach out to you and see if we may be of assistance. Have a great day!
Hi, We are looking into buying a house for around about 83,000. My husband brings home about 2800 a month and has a credit score of 607. We do not have much of a down payment.Would this even be possible??