1. Home
  2. Blog
  3. Mortgage Basics
  4. FHA Loan Credit Score Requirements For 2019
The Mortgage Underwriting Process Explained - Quicken Loans Zing Blog

 

*As of July 6, 2020, Quicken Loans is no longer accepting USDA loan applications.

FHA loans may be particularly appealing to first-time home buyers who have a young credit history as well as people with more experience but a few credit blemishes. Part of the attraction can be attributed to the more lenient credit requirements associated with an FHA loan.

This blog post will go over what you need to know if you’re considering an FHA loan to buy or refinance a home.

Credit Score Required To Buy A House

Before we get into the credit requirements for FHA loans, it’s useful to take a step back and look at credit requirements in order to get a feel for credit dynamics in the mortgage industry.

For a standard conventional loan backed by Fannie Mae or Freddie Mac, you need a median FICO® Score of at least 620. It’s important to remember that there are three major credit bureaus who play a role in this process: Equifax®, Experian™ and TransUnion®.

Notice that I said “median score.” If there’s more than one person on the loan, it’s the lowest median credit score that counts. For example, if you have scores of 720, 690 and 650 while your significant other has scores of 660, 630 and 610, the score that counts will be 630.

The USDA doesn’t set a minimum credit score requirement, but lenders can set their own policies. For those looking to live in qualifying areas, the median FICO®Score required by Quicken Loans is 640.

Similarly, the VA has no minimum credit score policy in place. Again, it’s up to the lender. The median score required by Quicken Loans for a VA loan is 620.

Beyond simple qualification, your median FICO®Score plays a major role along with your down payment in the interest rate you receive. The higher your score and the higher your down payment, the better interest rate you can expect.

Minimum Credit Score Required For An FHA Loan

Technically you can get approved for an FHA loan with a median FICO® score of as low as 500, but there are some serious drawbacks to an FHA loan with a score that low.

The first is that you’ll need a down payment of at least 10%. Secondly, when qualifying with a score that low, it’s considered a subprime loan. What that means from a practical perspective is that even if you can get the loan, you won’t get the best terms and could end up with a much higher rate.

Finally, you have to have some very low qualifying ratios. In order to qualify with a median FICO® Score of below 580, you need to pay close attention to two ratios: your housing expense ratio and your overall debt-to-income ratio (DTI).

Your housing expense ratio is calculated as follows:

 DTI equation

The amount being spent monthly on housing expenses can’t exceed 31% of your gross income.

DTI takes into account all debts including your mortgage. That’s calculated with the following formula:

With a median FICO®Score below 580, your DTI can’t go over 45% of your gross monthly income. These two ratios have a major impact on how much house you can afford.

In addition to the restrictions laid out above, it’s important to note that very few lenders offer these subprime FHA loans. At Quicken Loans, you have to have a median FICO®Score of at least 580 in order to qualify.

The Benefits Of A Higher Credit Score

If you have a median FICO® Score of 580 or higher, the first benefit is that you’ll have more lenders competing for your business including Quicken Loans. Options mean better loan terms including more competitive interest rates.

Secondly, if your score is better than 580, you’ll only have to make a down payment of 3.5%. This could significantly open up your housing options. It’s worth noting that you’ll have mortgage insurance premiums for the life of the loan if you make an initial down payment of less than 10%. On the other hand, you’ll pay for mortgage insurance for 11 years with a down payment of 10% or more. However, one of the options you may have down the line in order to get rid of mortgage insurance is to refi into a conventional loan once you reach 20% equity.

If you have a FICO® Score of 580 but below 620, you’ll need to maintain a housing expense ratio of no more than 38% of your gross income and a DTI of no more than 45% in order to get an FHA loan through Quicken Loans.

If you have a median FICO® Score of 620 or better, higher DTIs are allowed than what otherwise might be allowed on many other loans. While there’s no hard maximum that applies to everyone, the DTI for borrowers with higher credit scores is based on your credit score range as well as the size of your down payment, among other factors. In no event will the FHA approve a DTI above 57%, but this could offer more budget flexibility than many other mortgage options.

FHA Credit Score Requirements May Vary

The credit scores and qualifying ratios we’ve mentioned in this post so far are either the minimums required by Quicken Loans or the FHA itself. Other lenders may have their own requirements including, but not limited to, higher FICO® Scores or a larger down payment.

In any case, we encourage you to shop around for the best loan terms and make sure you’re comfortable before moving forward.

Can You Get An FHA Loan With No Credit History?

If you’re applying for any kind of mortgage, including FHA, it’s a good idea to have at least two or three accounts open and reporting on your credit whether those are revolving accounts like credit cards or monthly loan payments. However, it’s possible to get an FHA loan with a thin or nonexistent traditional credit history. Before moving forward, there are some things you should know.

These loans are manually underwritten, and that means your mortgage process can take longer. In order to get an FHA loan with no credit history from Quicken Loans, you need to have a minimum of three nontraditional credit references. Those references have to include at least one of the following:

  • Utilities not reporting on the credit report (gas, electricity, water, cable or internet)
  • Telephone service
  • Rental housing payments

The other two references may come from any of the following:

  • Insurance premium that’s not payroll deducted (Medical, Auto, Life and Homeowners/Renters)
  • Child care payments
  • School tuition
  • Retail store credit cards (department, furniture, appliance, etc.)
  • Rent-to-own (furniture, appliances, etc.)
  • Portion of medical bills not covered by insurance
  • Car leases
  • Personal loans from an individual with repayment terms in writing that can be supported by cancelled checks
  • You can show a documented 12-month history of savings by regular deposits resulting in an increasing balance to the account. The account has to show at least quarterly deposits which aren’t payroll deducted. There should be no fees for nonsufficient funds.
  • You can also document a year’s worth of payments you made to an account on which you’re an authorized user. 

Finally, because you have no credit history, you’ll have to keep your DTI low. Quicken Loans requires a housing expense ratio no higher than 31% and a total DTI of less than or equal to 43%.

Learn More About FHA Loans

For more on FHA loans including the advantages of the FHA option and how it works, we invite you to check out this page on FHA loans.

If you’d like to see how FHA or another mortgage option could work for you, you can apply online with Rocket Mortgage® by Quicken Loans or give one of our Home Loan Experts a call at (800) 785-4788.

 

Related Posts

This Post Has 411 Comments

  1. How are student loans factoring in to DTI ratios? I owe a lot in student loans. I have a home that I owe about 40000 and it is worth about 160000. I would like to get some cash out and pay my credit card debt off.

  2. Could you please tell me what your closing cost fees are? Also, with a 647 credit score, FHA loan on a 30 year fixed, what kind of interest rates are we looking at? There are medical collections on the credit report. What would happen if I paid them off? Would it make a difference right now? Or only on down the road?

    1. Hi Kim:

      I can’t tell you what your closing costs would be because there are various factors including the loan amount, cost of the appraisal and the way mortgage points are used among others. I also can’t tell you what your interest rate would be because things like the size of your down payment have an effect as well. I can give you our interest rates page. Paying off any kind of collection would help with your chances for approval as well as better interest rates because it should help boost your score if all other things are equal. It could also open up other loan options for you potentially. For a more personalized picture of your options, you can get started online with Rocket Mortgage or give one of our Home Loan Experts a call at (888) 980-6716. Thanks!

  3. My husband has higher credit scores as I have several medical bills I am trying to pay off. He actually applied with Quicken and received an email back about a reverse mortgage when what we want is a refinance taking cash out. Our home is worth $342,000 according to Zillow (this is the midrange score). We owe $182,000. Our interest rate is 4.5% . If possible we are looking at $50,000 cash out. His bills will be paid off with this money and we hope to remodel a bit. His DTI will be okay with paying off these bills. I understand my income can’t be used although it is significant.

    We are on a 2O year loan. Our house note is $1,894 per month.

    So again why was there a response about a reverse mortgage?

    1. Hi Elissa:

      We want to give you all options available to you for accomplishing your goals. A reverse mortgage may be one of those options. I’m happy to get this to our team to have someone reach out and go over your situation in detail. Have a good day!

  4. Hi, we’re looking to buy. What’s the best loan for someone like us? My wife had a credit score of 700, mine is just 620 and it’s getting better. We have about $40,000 in credit card debt. She’s the bread winner and makes $105,000 a year, i work part time bringing in maybe $20,000.

    1. Hi Clarence:

      If you want to use both of your incomes in order to qualify, you’re on the edge between being able to qualify for an FHA or conventional loan with your credit score. She would definitely have the option of looking into a conventional loan on her own. In your case, I recommend speaking with one of our Home Loan Experts at (888) 980-6716. They’ll be able to go over your situation in detail and determine what might work best. Thanks for reaching out!

  5. I need help! My parents recently passed away. long story short I am 1/3 shareholder to my childhood home! Its a double wide mobile home on 3.3 acres. its an older mobile home(1980) but has been TOTALLY remodeled. I want to just buy my brother and sister out. But don’t know where to start or who to listen to. my husband has pretty good credit and we have good income. the only thing we don’t have is a lot of $$$cash $$$ on hand. any info would be GREATLY appreciated!!!!!!!!!!!!!!!!!!

    1. Hi Tammy:

      That’s sounds like a great goal and I wish you luck! Unfortunately, at this time, we don’t do financing on any mobile homes. I’m sorry. I will tell you that there are specialty lenders you can find through an internet search who do this type of financing. They should be able to help talk you through what your options might be. Again, good luck!

  6. My wife and I have several credit card balances amounting to around $12,000, plus two auto loans. My bills are current and I have no delinquencies, but the maxed out credit cards have brought down my credit score.

    I will soon be in a position to pay off ALL of my accounts (around $45,000 including the cars). I have around $70,000 coming to me and I am looking for a FHA 3.5 % down mortgage to purchase a $150,000 house.

    After I pay everything off and have zero debt, do I have to wait at least a month for everything to show up on my credit bureaus? Or can Quicken Loans arrange for a re-score to get things moving sooner?

    1. Hi Dave:

      Every situation is different, but there’s a chance we can help you if you’ll have documentation supporting all these payoffs. I suggest talking to one of our Home Loan Experts at (888) 980-6716 as they can go over your situation and see if there’s anything we can do to get the ball rolling a bit sooner for you. We would love to work with you to go over your options for the mortgage. Have a wonderful evening!

    1. Hi Matthew:

      While we don’t offer any grants or down payment assistance ourselves for first-time home buyers, a good place to start looking is the Department of Housing and Urban Development (HUD). They maintain a list of programs available in your state or territory. We also have a first-time home buyer course, Zing University. If you’re interested in moving forward, you can get started online with Rocket Mortgage or give one of our Home Loan Experts a call at (888) 980-6716. Hope this helps!

    1. Hi Terri:
      The minimum credit score needed for an FHA mortgage is 580. However, every situation is different, and multiple factors will be considered. If you’d like to explore your refinance options, you can talk with one of our Home Loan Experts by calling (888) 980-6716.

  7. I have a credit score of 543 and 601 right now . I don’t have a long credit history but I recently purchased a vehicle back in June . I have one secured credit card from capital one since Aug. of this year . I’m on child support right now . I owe back c.s ($2700) that I’m catching up . I have the Attorney General increase my payments to pay it back faster . My take home pay is 4000 . The house Im looking at is 73k . Do I need to wait until my scores are higher or can I apply to QL now ?

    1. Hi Nathaniel:

      We take the median FICO® score from Equifax, Experian and TransUnion. That score has to be at least 580 or higher before we can help you with an FHA loan. It does sound like you’re doing the right things to get your credit in shape, but every situation is different. I’m going to recommend you check out QLCredit. You can get your free VantageScore® 3.0 credit score and report every two weeks. We also have this article with some general tips on building your credit back up. Finally, I recommend speaking with one of our Home Loan Experts as they may be able to help you come up with a personalized game plan to get you where you need to be in order to qualify. You can reach out to them at (800) 785-4788. Hope this helps!

  8. Hi I was wondering how long do I have to wait to buy my first home I just got my discharge papers from going Bankrupt 2 month ago and I would like to start working on buy a home in the next year or so thank you

    1. Hi Edwin:

      We would have an option for you as soon as one year after discharge and you would have more options after two or three years. Hope this helps!

  9. Does QL do FHA 203k loans? If so what are the odds of being approved with a 638, 696, 620. My credit report has had many things inaccuracies. I have been fighting for a year in a half now. It’s literally been a mess! I’ve had my credit completely erased, I’ve called and found out that OUR CREDIT REPORTING AGENCIES AREN’T EVEN BASED IN THE USA! I get it, we out source, however I couldn’t even help my husband because I have to follow the rules of their country, not ours. Most countries don’t use CREDIT REPORTING! ITS COMPLETE NONSENSE. Anyways, I make $86,000 DTI is 15%. House is $150,000. Foreclosure in really great shape but has chipping paint so has to be a 203k. We literally have to get financing ASAP!! Like a week ago. We have to have everything done and finance to the seller b4 July 21. Is this something that QL can do?

    1. Hi Jessica:

      Unfortunately, we don’t offer FHA 203K loans. I’m going to recommend you maybe speak with one of our Home Loan Experts. Every situation is different. It may be possible to get the house and then complete the repairs and have them reinspected. It’s not always allowed, but it’s worth looking into. You can give us a call at (888) 980-6716. Thanks!

    1. Hi Janice:

      We don’t talk about which FICO models we use because it depends on the bureau and it gets updated and a lot, so anything we might tell you would be soon out of date. I can tell you that we use a tri-merged credit report from Equifax, Experian and TransUnion. For an FHA loan, between the three bureaus, the lowest median score of all borrowers on the loan must be at least 580. If you would like to go over your options, I recommend speaking with one of our Home Loan Experts at (888) 980-6716. Hope this helps!

  10. Would I qualify for a cash out refi $10000 with credit score of 609 est value is 85000 current loan amount 55000? Home is in need of some repairs and don’t have $10 grand laying around.

    1. Hi Melissa:

      I see you’re working with one of our partners. I’m going to have someone reach out and go over how we can you to your goals. Thanks!

  11. hi mt name is middi i thank my credit score is 626 i want to buy a fixer upper and have my brother -in law do construction on it, and after rent it out . i have a car payment that i have paying it before it is due every month on the third. with just me geting the loan n not my husband co-sign would i qualify thank you god bless

    1. Assuming you’re right about your credit score, you would qualify based on your credit, but there’s more to qualification than that. If you would like to go over your options, you can do so online through Rocket Mortgage or by speaking with us at (888) 980-6716. Hope this helps!

  12. My husband and I are looking to buy a house spring 2018. We both have pretty good credit and our only debt is my student loan (payments are current). The issue I’m worried about running into is that when we start looking, I will still be on maternity leave from my job, which means I will have no income, and my husband is self-employed. Does that totally disqualify us?

    1. Hi Lauren:

      You wouldn’t automatically be disqualified at all. Every situation is different. I’m going to recommend you speak with one of our Home Loan Experts to go over your situation and see what we can do for you. You can get in touch with them at (888) 980-6716. Hope this helps!

      Thanks,
      Kevin Graham

  13. Me and my husband are interested in purchasing our first home. my credit score is about 620 and his is around 590. If we got approved for an FHA loan would we be able to do down payment assistance or would be be required to pay the down payment?

    1. Hi Jessica:

      If your credit score is below 620, you have to contribute at least 3.5% to the down payment yourself. If you were to use your husband’s income to qualify, that would be the case. I’m going to recommend you check out our friends at QLCredit. You and your husband can pull your credit for free without affecting your scores and get personalized tips on how you can improve based on the information in the report. I’m also going to recommend you talk to one of our Home Loan Experts. They may be able to work with you to recommend strategies to you get your credit to where it needs to be and stay there. You can get in touch with them by calling (888) 980-6716. Hope this helps!

      Thanks,
      Kevin Graham

  14. I would like to purchase a condo. Per credit karma, my credit score is 690. However, when I tried applying for a mortgage loan, the credit union I applied with said my score was 617. Since I previously owed a home, I am not qualified for a FHA loan. I have a 20% down payment. Is there any hope in me getting approved for a loan?
    thanks!

    1. Hi Kristina:

      We can certainly look into your options. For starters, I’m not sure who told you that you couldn’t get an FHA loan if you previously owned a home. However, your score is close enough to 620 that you would probably benefit from considering a conventional loan to avoid mortgage insurance payments. It’s hard for me to tell you what your score would be if you applied with us because I don’t know which version of the credit bureau formulas they use. However, even if it’s a couple points short at the moment, we have people who can strategize with you and give you tips on how to get your score where it needs to be. I’m going to recommend you get started by speaking with one of our Home Loan Experts. You can get in touch with them by filling out this form or calling (888) 980-6716.

      Thanks,
      Kevin Graham

  15. I recently look at my credit score for all three

    Equifax is 587
    Transunion is 601
    Experian is 590
    There a way get first time buyer loan with low down payments or arrangements with my credit looking that or do i need to improve the 587 and 590 to get approved ???

    1. By the way : This is my first time ever really want to get house with loan i have never been homeowner i would very i like to obtain getting a house

      1. Hi Natasha:

        Based on your credit score, you may qualify for an FHA loan at this point. However, there are many factors that go into qualification. I’m going to recommend you talk to one of our Home Loan Experts to go over any potential options you may have. You can get in touch with them by filling out this form or calling (888) 980-6716. Hope this helps!

        Thanks,
        Kevin Graham

  16. I live in Minnesota and I would like to purchase a duplex to be owner occupied. My credit scores are 626, 534, and 587. The big range in my score is due to me filing chapter 7 bankruptcy that will fall of my credit report in September 2017. I was able to get it removed from my transunion report early. I am currently renting and my lease expires 7/31/17 and would love to purchase instead of renewing if at all possible. I make roughly $61,0000 a year.

    1. Hi Theresa:

      The soonest we could help you with a loan is one year after your bankruptcy is completely dismissed or discharged. If it’s going to fall off your credit report soon, it sounds like that may be the case. We can help you look into your options. I’m going to recommend you speak with one of our Home Loan Experts by calling (888) 980-6716. Have a great day!

      Thanks,
      Kevin Graham

  17. Currently in negotiations with a local mortgage company in Charleston, SC. Have credit scores ranging from 582-639. My middle score is only 602 currently. I believe that many companies require a middle score of 620, is this true with Quicken Loans® as well? If my middle score is under 620 can I still get a loan from Quicken? Make 70k/yr and DTI is 32%

    1. Hi David:

      It depends on the type of loan you’re getting. If it’s a conventional loan, we’re looking for a middle score of 620, but with FHA you can get a loan with a score as low as 580. I have to say that sounds like quite a bit of variation between scores. One of the things you could do is take a look at your credit report to make sure it’s accurate. You can get your Equifax credit report and score for free from QLCredit without affecting your score. It also give you tips on how to improve your score.

      After you’ve verified that everything looks accurate, we would absolutely be happy to talk to you about your home loan options. You can get in touch with us by filling out this form or calling (888) 980-6716. Hope this helps!

      Thanks,
      Kevin Graham

  18. can i be approved with a 600-630 credit score? earn 27000 a year. want a FHA for a low downpayment on 120,000$ home in Oakland,TN. what monthly payment could be agreed upon if any? FHA requested; time sensitive
    Thanks

    1. Depending on your actual credit score, you may qualify for a conventional loan with a down payment as low as 3%. You can check out your loan options online through Rocket Mortgage or give us a call at (888) 980-6716.

  19. My wife and I live in a rental right now and the landlord has no intentions of renewal. We have 3 years on time payment history with the property (reported to Credit Bueraus through rentreporters.com) I have been at the same job for 8 years, and two PT jobs for 2 years each. I am in the process of paying off credit cards and am moving to a 590-600 on credit score for all three. Take home on income tax was 89k…….am I looking at a pipe dream of being approved in the next 3 months?

    1. Hi Mike:

      Every situation is different, but based on what you’re telling me, it sounds like you might qualify for an FHA loan at this point. I’m going to recommend you talk to one of our Home Loan Experts by filling out this form or calling (888) 980-6716. They can help you go over all of your options.

      Thanks,
      Kevin Graham

  20. I am looking to refinance my heloc loan but I had a bancruptcy 5 yrs ago. My loan was not reaffirmed. Can I find a lender to to help me

    1. Hi Elsa:

      Every situation is different but we can certainly look into your options. It doesn’t so much depend on when the bankruptcy was filed as when it was discharged or dismissed. I’m going to recommend you talk to one of our Home Loan Experts by filling out this form or calling 888-728-4702.

      Thanks,
      Kevin Graham

  21. Very misleading article. We tried to get a refinance fha loan with cashout from Quicken and got denied despite believing what the article said about a 580 credit score. Stop filling my mail with pre-approved offers that we don’t qualify for. You are deceiving and not trustworthy

    1. Hi Wendy:

      Many factors go into loan qualification other than your credit score. That said, I’m sorry you’ve had this experience with us and I’m going to get this to someone who can look in your situation and see if there’s anything we can do.

      Thanks,
      Kevin Graham

  22. I have student loans totaling 135,000. No other major debt except for a few medical collections, will the student loans impact me negatively. $48,000 income. 635 credit score.

    Thank you

    1. Hi Shannon:

      Your student loan payments would be counted in your DTI. How much that affects the amount you could be preapproved for depends on your situation. I’m going to recommend you talk to one of our Home Loan Experts by filling out this form or calling (888) 728-4702. They’ll be able to go over your options in detail.

      Thanks,
      Kevin Graham

  23. Hi

    I voluntarily left my job recently for other personal/business interests. So I’m unemployed but have the offer to return to my previous job any time I want (probably won’t for another year or so if I ever do). I currently have $1M liquid, no debt and a FICO of 820. I’m looking to purchase a multi-family property that will generate more than enough cash to cover the mortgage (with a significant down payment) but no one wants to lend to me because I have “no income” despite the proven income from the property and my strong financial position.

    What are my chances on a loan with QL?

    Regards
    Ted

    1. Hi Ted:

      I can tell you that the income piece is a significant portion of your approval application usually. You also can’t necessarily count on always having renters. They move out and you have to find new tenants. That being said, every situation is different. I’m going to recommend you speak with one of our Home Loan Experts by filling out this form or calling (888) 728-4702.

      Thanks,
      Kevin Graham

  24. I am actually concerned, because less than a month ago I applied for a home loan with Quicken Loan and was told by a customer service representative that I was not eligible because I had a very low down payment, credit score above 620 annual salary over $46,000, I am confused. And I am a first time homebuyer.

    1. Hi Diane:

      Credit score is just one of the factors that goes into loan qualification. I’m going to have someone reach out to you about this, but every situation is different. We’ll be in contact shortly.

      Thanks,
      Kevin Graham

  25. Does quicken loans do purchase and rehab loans? If I were thinking of purchasing a house in need of work where would I start?

    1. Hi Jason:

      Unfortunately, Quicken Loans® doesn’t do purchase and rehab loans at this time. As far as next steps, there are lenders that do them if that’s what you’re interested in. I would run an internet search and go from there.

      Thanks,
      Kevin Graham

  26. Can I get a loan for a single wide mobile home on a permanent foundation? Land of 3+ ac with room to build a home. What kind of score do we need for a home loan?

  27. I already have a home that was being used for a rental but they demolished it and now I’m considering moving in it but need a loan to remodeled. Could I set up an appointment to talk to someone on the phone. I have a cell phone and get 800 numbers calling all the time so therefore I do not answer the phone . Have score of 630

    1. We can definitely set up an appointment. I’m going to have someone reach out to you via email to get your contact information and set up a time. Alternatively, you can always call 888-728-4702 at your convenience.

  28. I’m currently enrolled in school, my wife is a Registered Nurse at Sarasota Memorial Hospital making great money!! Unfortunately, she had to let her credit cards go while in school, she was paying her own way and couldn’t afford to keep up with it, she had awesome credit and is very responsible, but her credit is not good right now! However, my credit isn’t bad, it’s fair and I’m in the process of trying to bring it up, I only have a little credit card debt, all paid up to date and a car loan in my name, I’m not employed at the moment because I’m going to school full time, is it possible for us to buy a house with my credit and her income, we filed jointly last year!!!

    1. Hi Kyle:

      I think the best thing to do would be to talk to one of our Home Loan Experts. Every situation is different and they can really help you look into this. You can connect with them by filling out this form or calling (888) 728-4702.

      Thanks,
      Kevin Graham

  29. What is the employment length required by quickens for an fha loan. I recently left my job of 5 years. I left to better myself financiallly and to have room for more growth. I am still in sales and have been for almost 10yrs. I have been at my job a short time and my wife has steady income. would we still be able to get a loan

    1. Hi Brian:

      Frankly, it’s hard to give you the answer to that question because every situation is different. It helps that your salary is going up. It also helps that you’re in the same field. My recommendation for next steps would be to go ahead and talk to one of our Home Loan Experts to go over your situation so we can put you in the best possible position to succeed. You can do that by filling out this form or calling 888-728-4702.

      Thanks,
      Kevin Graham

  30. What is the actual minimum score needed for an FHA loan? I was well into the process with a 650 score that then dropped to 631 after the inquiry and was then told I needed 640. Why provide a loan estimate and intent to proceed to then be told different information?

    1. Hi KE:

      The absolute minimum score on an FHA loan is 580, but depending on the situation and the loan purpose we sometimes need a higher score. I’m going to have someone reach out to you to go over this.

      Thanks,
      Kevin Graham

  31. Great forum! We have scores in the 640 range and recently sold our home ($330k)and relocated due to significant job promotion.. We elected to rent to give us a chance to scout out the area before buying again. We gross $150,000 per year and have a dti ratio of about 15%. We do have one big issue, in the confusion of getting our house sold, locating a rental and moving, we were 30 days late with a mortgage payment. We had one credit report show two lates, however when we pulled freecredit report, creditkarma (transunion and experian) and credit wise, we see only the one 30 day late, we are now looking at a home in the $225k range and have $10,000-14,000 to put down. Are we out of luck for a year?

    Thanks for taking a look

    1. Hi Chris:

      From what I can tell, it doesn’t sound like you would be in bad shape, but I’m going to recommend that you talk to one of our licensed mortgage bankers. They’ll be able to tell you for sure. You can do this in a couple ways. Either fill out this form or call 888-728-4702.

      Thanks,
      Kevin Graham

  32. I need help on where to start for a loan. I have found a house I want to purchase already. Please put me in contact with someone who can help please. One credit score is 590. The other is 640. Please help before my dream is sold!! Thank you.

    1. Hi Rebecca:

      We can definitely help you go over your options! If you’d like to get started online, check out Rocket Mortgage. Otherwise, you can fill out this form and a banker licensed in your state will be happy to contact you. Finally, if you would like to get started over the phone you can call 800-251-9080. Have a great day!

      Thanks,
      Kevin Graham

  33. Quick in loans needs to update their information on the internet for people who do not have the credit score they will accept for an fha loan

    1. Hi Tracey:

      While you’re right that this is something the FHA allows, it’s not something every lender does in every situation. There are some additional guidelines involved and the process is different.

      Thanks,
      Kevin Graham

      1. Good morning, Hollie. As mentioned in the article, an FHA mortgage can require as low as a 580 credit score. But there are many types of loans – each with their own requirements. If you’d like more information, let me know, and I’ll have one of our home loan experts reach out to you. Have a nice holiday weekend!

        1. Hi, I’m looking to purchase a home right now where do I need to start my credit score is in between 590 and 600

          1. Hi Cathy:

            Your credit score is at a stage where you can definitely look in your options. I’m going to suggest you take a look at Rocket Mortgage to help you get started on the path toward approval. I hope this helps and let us know if you have any questions.

    1. Hi Reynolds:

      If you’re looking for a home, I recommend checking out My Perfect Home. I’m also going to send this to someone that can help you get preapproved if you’re interested.

      Thanks,
      Kevin Graham

  34. I am writing to you today to get your input on a mortgage issue we seem to be having. My wife and I are looking to buy a house in Holden Ma, Worcester County. The house we are looking at is listed at $424,000. I make $71,000 and she makes $80,000 and we have both worked for our companies for over 14 years. The difficult part is that we have both had short sales due to previous divorces. Hers was over three years ago and mine was 2 years and a few months ago. My credit is about 650 and hers is about 620. We can put down $20-30K for a down payment.

    Can we qualify for a loan other than an FHA?

    Any help would be appreciated. Thank you for your time.

    1. Hey Jeff:

      You may have an option, but I’m going to have a Home Loan Expert reach out to look into this with you.

      Thanks,
      Kevin Graham

  35. I’m sorry if this is long winded! I need advice.
    There is a lot that I would like to have a home built on. All in all it’s 2 acres with a 1470 sqft home. It will range between 155-170k. My Credit Karma score says 645 Transunion but myFico says it is 593. I’m not sure what would be accurate (if any). I just paid off my accounts to zero but it hasn’t updated on my report yet. I also have three late payments in the past year which were the only three I’ve ever had (I went overseas). I filed disputes for those three already and waiting to hear back. That leaves my only debt my car payment! Woohoo! I want to wait until my score reflects the changes but I’m worried I will lose the lot as it’s the last one. Is there a way to reserve it? What can I do and is it worth it to risk getting a mortgage with that high of an interest rate/ding my credit if I know it will improve in the next couple of months? Any advice would be greatly appreciated.

    1. Hi Sarah:

      Unfortunately, we don’t do loans for lots. These questions may be best directed at another lender. We don’t want to waste your time, so I hope this helped!

      Thanks,
      Kevin Graham

  36. This soo not true i applied for a loan, my credit score is 592 and my husbands 617 we have good steady jobs and make a descent amount of money yearly. Our loan was for 70000 yet we were denied. So its not true about having your score at 580 or above u can qualify bs cuz its not true

    1. Hi Yesmeida:

      I’m sorry for your experience with us. I can tell you that every situation is different. I’m going to have someone reach out to you to discuss this. They’ll be in contact.

      Thanks,
      Kevin Graham

  37. My husband & I are trying to get a mortgage for around $100,000. His score was 616. Having trouble cause he had a repo last year. We were trying for no money down.

    1. Hi Debbie:

      You can only get a no money down loan through the VA and those are only available to active-duty military, veterans and surviving spouses. We may have some low down payment options available including a 3% option if he bumps his credit score up a little bit. I’m going to have someone reach out to go over this with you.

      Thanks,
      Kevin Graham

  38. My middle credit score is 591 will I be eligible for a 150k-190k FHA loan and how high will the interest rate be?

    1. Hi Paloma:

      If you’re correct about your middle credit score, your credit is fine, but there are many other factors that go into loan qualification and what kind of interest rate you would get. I’m going to have someone reach out who can look into your personal financial profile and see about your options.

      Thanks,
      Kevin Graham

  39. Do you guys do fha 203k loans? If so what does your credit score have to be? We already are pre approved through another lender for a fha loan but we found a house we want but need a fha 203k loan and they are saying our credit score has to be at least a 660 to get that type of loan

    1. Hi Savannah:

      Unfortunately, we don’t do FHA 203K loans. However, I wish you good luck.

      Thanks,
      Kevin Graham

  40. Hi! I’ve already been in contact with Quicken and probably should really talk to someone. The reason that I haven’t is because I’m very unsure if I will be able to access the type of loan I need. Here is my situation:

    My gross monthly income is $4165, monthly debt payments $1400 and my FICO 628. I have never purchased a home and because I don’t want a high mortgage payment I was looking into buying a mobile home in a park that is priced at $44900. Since I recently purchased a newer vehicle (just this last month, it’s not even showing on my CBR yet) I don’t want yet another string of new hard inquiries on me (they did 6 inquiries that I know of), I should wait until some of those fall off, correct? And in the meantime work on getting my DTI lower? Does anyone know of any mobile home lenders (preferably FHA) that will work with me, because I’m still not clear on whether Quicken will even do such a loan.

    Thank you in advance

    1. Hi Dechee:

      Unfortunately, we don’t do loans on mobile homes. In terms of finding a lender that will do them, if I were you, I might try Google.

      In terms of your credit, it might take a while for those inquiries to fall off. Lenders are more concerned that you’re not trying to apply for too much credit at once, but as long as there’s a gap, you should be okay.

      Thanks,
      Kevin Graham

  41. I’m in the process of selling my home (we purchased with cash) and interested in using the amount from the sale of this property to purchase another home – the homes in another state are slightly more expensive so I may need to think of trying to get a loan. The problem is my credit is awful with a score of 560. Everything on my report is a few years old. I have only $1500 in collections but around $10,000 on car loans that were charged off. I’ll be using some of the money from the sale of the home to bring my score up, however, I am wondering if I could get a mortgage with bad credit by paying down half of the loan. Are lenders more willing to approve with more down?

    1. Hi Barb:

      Our minimum credit score is 580. You’re very close so if you use some money from the sale to pay down the debt, you could end up in good shape. I’m going to forward your comment to one of our Home Loan Experts to see if they have any further advice.

      Thanks,
      Kevin Graham

    1. Hi Daryl:

      I’m going to have someone reach out to you and help you look into your options. They’ll be in contact.

      Thanks,
      Kevin Graham

  42. I would like to purchase a home, I make 32,000 a year, and have no dependents. I need to bring my score up a little as well. Is there anyone there that can help me do this, where I can be able to buy before the end of the year?

    1. Every situation is different. Someone will be reaching out so we can look into your personal financial profile and see what we can do for you. Thanks for reaching out!

      Kevin Graham

  43. Good morning, we currently live Fl. We are looking to purchase a home this year. However, this would be my first home but my husband has a home in Atlanta. Our credits scores are around 630. Can we both apply for FHA loan?

    1. Hi Bea:

      You can definitely apply for an FHA loan, but if you’re right about your credit score, you might have some other options open to you. I’m going to have a Home Loan Expert reach out to help determine the best option for you.

      Thanks,
      Kevin Graham

  44. full of bull prob won’t post this either, need credit score of 620 or higher before will talk to you, doesn’t matter never had credit “Sometimes we are able to offer financing if you have a credit score below 620, but we will only do that if you have an accepted offer on a home. The reason is because it is often very tricky to make a loan work with anything below 620. Instead we refer you to our credit team to help you work on your credit to bring it above 620. This makes the whole process much easier for you.”

    1. Hi Cher:

      We never want to hear our clients feel this way. We apologize for your poor experience and want to try and see if we can turn this around for you. Thanks for reaching out and someone will be in contact with you.

      Kevin Graham

    2. This is so true. Same thing happened to me I had a 617 when I applied they had me speak to someone in credit team I brought my score up to 626 by paying half of a credit card bill and still was unable to get a home loan even with my score being over 620. Then was told I need a 640 credit score it was a waste of my time and a hard inquiry on my credit!

      1. Hi Ashley:

        We’re sorry to hear you had a poor experience with us. We’re actively researching your situation and someone will be reaching out. Thanks for making us aware of this.

        Kevin Graham

    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

  45. 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

  46. 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

  47. 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

  48. 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

  49. 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

  50. 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

  51. 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.

  52. 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!

  53. 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!

  54. 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!

  55. Hello
    I am a first time home buyer with a credit score of 592. I would like to purchase a home for 60 to 80,000. I know my credit is not great and I’ve attempted in the past year or so to establish some credit and try to boost my credit score. I clear a little over 2000 a month after taxes and I also receive a disability income for my daughter in the amount of $400 a month. I don’t have any credit card debt but I do have some negative things on my credit and I also have student loans. I would really like some advice and some assistance on how to even begin the process. Thank You.

    1. Good morning, Alexandra! Looking for a new home is an exciting process, and we’d be happy to help you get there. I’m going to have a home loan expert reach out to you with an email. They’ll ask a few questions about your specific question and make recommendations that align with your goals. Also, check out this article about how your credit score affects your mortgage eligibility.

  56. Qualified for 150,000 FHA loan with a 3.75% fixed 30 years. They needed $5,000 down payment. We seen a house we wanted but don’t have the down payment. I have a 613 score working on getting it higher 2 medical bills need to be paid off. I gross 4,400 monthly. Paying 950 rent would like to put that toward my own home soon.

  57. Hi, I am looking to try to get a home loan for $100,000. My FICO score is 606. I would be on the loan with my wife whose credit score is in the high 650. I have more than a couple bad marks on my credit report . We both work full time jobs and our annual income is around $ 79,000.
    We need to know if you can help us. Thanks

    1. Good morning, Alexander! Congrats on starting the journey to home ownership. I’m going to have our client relations team send you an email. They’ll be able to point you in the right direction. Best of luck to you and your wife!

  58. I am looking to try to get a home loan for $200,000. My FICO score is 612. I would be on the loan with my brother whose credit score is in the high 600s. I have more than a few bad marks on my credit report but they are not very recent. I have just gotten my first credit card within the last six months. Would I possibly qualify for this home loan?

    1. Good morning, Heather! When applying for a loan, a lender will look at many things, such as your debt-to-income ratio, your credit score, as well as the amount of money you could potentially use for a down payment. I’m going to have a home loan expert reach out to you about you and your brother’s situation. Have a nice day!

    1. Hey, Derek, Quicken Loans® pulls credit scores from the three credit bureaus. The score you received from a free credit report likely came from one of those three. That being said, your credit score can change quickly depending on different variables. Check out this article from the Zing Blog about some of the pitfalls to look out for when rebuilding/maintaining your credit score. If you have any more questions on this, please send an email to John@quickenloans.com. Thanks!

  59. Hi, I have a current credit score of a 623 and my fiancé and I want to purchase a home, the houses were looking for are between the prices of 60k to 100k I would really like some input on my situation I’m very ignorant to the fact of being pre approved and all that stuff I want some education and to have a plan set out for us so we can buy our first home without a outrageous down payment and with a good rate ☺️ Any input would be great thanks have a great day!

    1. Good morning, Zach! Congratulations to you and your fiance. Here’s a Zing Blog that might be beneficial to you and your process. We noticed that one of our mortgage experts contacted you today. If you have any additional questions, please feel free to ask.

  60. My wife and I have been working with a C.P.A. to get our finances in order. We have a budget and a success plan going forward and have good income, but to make this work we need to find a way to consolidate at least $25,400 of our existing debt from the outrageous rates of some of our current debt. We owe $201K on our home and it’s value is estimated at $315K. My score is 587 and my wife’s score is 633, mainly due to one 30 day late in January of 2015 on the mortgage (which was corrected immediately and was a payment processing error). Once we get to that starting point with some debt restructuring, we will thrive, but the broker we talked to couldn’t help us. We tried with you 6 months ago to no avail, but reading this article about 580 as the bottom score, I thought I would ask again.

    1. Thanks for your question, Travis. To better answer your question and to help you get started, I’m going to have a home loan expert reach out to you through email. Have a great week!

  61. Middle credit score is 588 although it is 646 on Credit Karma. Looking to buy a townhome at $118,000 in Albuquerque nm. Need fha loan with 500 dollars down. Would i qualify or am I wasting my time. No late payments for 3 1/2 years now but old items up to 6 years old from divorce stoll holding my credit score back. Tired of renting when i could own a home. Doubt you people are willling to help.

    1. Hi Ken! I’ve passed your comment on to our team of home loan experts. They’ll reach out soon to discuss your situation and see what your options are.

  62. My husband and I are interested in buying a home. We are both first time home buyers. My credit scores are 567-600. My husband’s credit scores are better than mine. Our household income is roughly 45k per year. I have a ridiculous amount in student loans though. We would love to purchase a house before our baby comes in February, but I am not sure if that is possible. Do you have anyone that may be able to help us?

    1. Hi Jaclynne! I’ve passed this on to our home loan experts. They’ll reach out soon to look into your situation further and see what your options are.

  63. Hello. Im currently looking to purchase a residence in Panama City Beach Florida. I am a registered nurse, been at the same job since july 2013 and (after insurance, (life, dental medical and vision) for myself and my two sons) I bring home about 2600.00 monthly. I also receive survivors benefits for my eldest son which is currently 799.00 monthly. He is 13 years old. I have an owner financed mobile home in PCB. The mortgage is 628.00 monthly. I have a federal student loan that is 50.00 monthly, i only owe 1500.00 more on it. (Been paying since July 2013.
    I Have one secured and one unsecured low limit cc one around 800 and one 700. Never had a late payment (both around 25.00 monthly) balance on both is currently zero. My vehicle is payed off. My credit report shows a vehicle repossession from 2011(i stupidly co-signed for bf) zero balance. And a few medical accounts from before i recieved my degree that I’m willing to take care of. I think thats all…and scores are 623, 643, and 663. I am considering splitting with my long time bf and relocating when i purchase another residence. If that happens he is willing to stay and pay the mortgage here. If it doesn’t and he comes to we can rent it out. I’m considering a mobile home ( but will consider home as well) since that’s all price range I’m thinking I’ll be able to be approved for that is spacious enough for my family 3br+. For example I’m curious about a 68000.00 double wide that is currently on market. Whether it is this property or another i will be able to put 3000-5000 down. I would prefer to be contacted initially by email because I’m having significant ear troubles right now unfortunately, but i am not deaf and would be able to contact someone by phone art some point. I appreciate any guidance you can provide.

    1. Hi Nick! Thanks for reaching out. I’ve passed this on to our team of home loan experts who will reach out to discuss this in more detail.

  64. I bought my house outright I’m looking to borrow against it to remodel it. I make $52000 a year salary. My total debt is around $7000 but my credit cards are maxed and have my credit score down to 612. But I have a 100% on time payment record. What type of loan could I get I need to borrow $30000

  65. we are currently looking for a home loan. my middle score is 588. one at 622 and low at 571. we were approved for a 30000.00 car a few months back. my landlord is putting the house im living in on the market soon. my spouse makes 57000 a year and i make 34000. his scores are a little lower than mine but coming up. is there someone out there that can help us qualify? have a few items in collection that are almost 5 years old that should be coming off credit.

    1. Hi Marge! I’ve passed your comment on to our home loan experts who will reach out to talk about your situation.

  66. I would love to buy a small home, but my credit is about 610. I’ve been at my job 17years, and only have about two thousand for a down payment. I’ve been paying 1000.00 a month for rent the last two years plus all bills, 900.00 a month plus bills for three years before that, and 840.00 plus bills for two years before that. I’ve always had a roof over my head and a steady job… all I want is a cute little home that I own, are there any lenders who would work with me?

    1. Hi Kelly! Thanks for reaching out! I passed your comment on to our licensed mortgage experts who will get in touch with you shortly to discuss your options.

  67. I have a 598 credit score, not sure about my wife’s, I make 36k a year teaching my wife makes 12k part time work. Renting right now @ 675 a month, rental home is in need of repairs and landlord won’t do it. Want my own home. Looking for a loan between 75k and 95k. Is it possible?

    1. Hi Eric! I’ve passed your comment on to our team of mortgage experts who will reach out to discuss your options.

  68. I’m wondering if I would qualify for a cha loan my credit is 650 and climbing. Could someone please contact me. Thank you.

  69. Would like to purchase a home for around 79,000, credit score of 675 on credit karma, been in my current job 4 yrs. Making around 30,000 a year, have a car payment of 313 and 2 credit cards, with 25 per month payments on each, but paying extra on them. Have very little down payment, currently paying rent of 710 per month, would like to purchase with partner who has a score of 619, and 1100 per month income from social security disability. Is this possible, sure hate wasting my money on rent. Thank you.

  70. I am currently living in the house we are going to hopefully purchase, the cost is 59,900 we have 10,000 to put down, my husband has a better credit score but I make more money, the rent is 650.00 think it would be cheaper if we actually had a mortgage, husband s cd is 581 and 601 , mine is in the mid 500 but slowly getting better, would we be able to get a mortgage? Thanks

    1. Hi Christy! Minimum credit score is usually 620-640, but I’ve passed this on to our mortgage experts who can see what options you may have.

  71. Hi I have a 590 credit score and my wife has great credit. We currently own a house but were looking to sell and buy a fixer upper with more land. Our current mortgage is for 145k we have lived in current house.for 4 years and want to list at 165k. We were looming to get a new loan for a house for about 130-140. What would be invloved in getting this started

  72. Hi am trying get a house by the end of this year. My wife and I went through forclosure lost of job in 2012. I am trying reestablish my credit score I think it’s a 613. I can put down around 40 – 60k down what can I do?

  73. I have 15acres and need a new construction loan to build a new home under 200000.00 I have 10000.00 to put down (also own the land no loan against ) and my credit score is around 650 my income is about 130000.00 a year and would like a 1 time close is this something that I can make happen .also live in Oklahoma …thank you

    1. Hi Bruce, Thanks for reaching out to us, however we do not offer construction loans. If there’s anything else we can help you with in the future, please let us know.

  74. My husband and I are looking to get preapproval and financing for a 130,000 home. He has a credit score of 565 and makes 54k yearly. I have a credit score of 656 with and make 22k/yr currently. Are we elgible for a FHA loan with minimum to none down with low monthly payments

    1. Hi Eddrena, Thanks for contacting us. I have forwarded your inquiry to our home loan experts who will reach out to you to see if we can be of assistance.

  75. Hello, my name is John. My score is 615, and 588 I’m applying for a VA Loan. 100% service connected. $6.258.00 is our monthly income. I have a credit clean up company helping me clear items out of the reporting agencies. So far 12 items have been removed and on my second round. Its time for a preapproval ASAP. I have a lender slacking and I need someone aggressive for a preapproval.

  76. Hi….

    My husband and I own our home outright… Our home is over 40 years old and we would like to get a home equity loan to make necessary improvements… We would like to borrow about 20,000 against our house to do this. Credit score is around a 600, income 65k…

  77. Hi I contacted someone today. But was wondering how likely it is for us to get a loan for a home. We found a home for 77,000. It used to be a single family home that was remodeled into a duplex however we want to turn it back into a single family home. The amount of space the home provides is wonderful for the large family we plan to have. Plus for the price it’s a steal. Our credit I believe is the bare minimum for eligibility maybe a bit higher. We would be first time home owners other than our trailer we currently own. Is this a possibility? Thanks in advance!

    1. Hi Amy! Thanks for reaching out! I’ve passed your comment on to our team of mortgage professionals who will reach out to you soon.

  78. Hi we are looking to buy a home. Both of us are 1st time homebuyers we want to see if we can get a loan for 300k for land and home placed in rural farm area we don’t qualify for USDA due to our total combined income of about 100-110k a year (nor do we qualify by ourselves) The problem is I have A LOT of student loan debt (currently up to date) but my credit score is only 580 but his is 730 avg we want to buy this land and home but need to know if we will qualify and we need both our incomes for that amount. I know there is something somewhere somehow we can get the mortgage and buy this property and home….Thank you

  79. Hi, my name is Jose, I am interesyed in a house that needs a fha 203k loan. I am a first time homebuyer. My credit score is 725, I have been working for 1 year and 10 months for Interstate Cleaning Corporation before that I worked a little more than 2 years for KBS Kellermeyer I left that employee for a better poscition. The yotal amount of the loan would be around $55 000. My income is $2680/month.

    1. Hi Jose! Thanks for reaching out! I’ve passed your comment on to our licensed mortgage banking team who will reach out soon.

  80. My husband and I are looking to buy a house for 60k. My score is in the 580s I am a full time student but he works full time. Making between 2000-2500 a month. Him having a score of 655. We can put 20 percent down on the purchase price. Is there anyway we can get approved? Also he has been with his employer for three years.

    1. Hi Amanda! There are several factors that affect getting approved. I’m passed your comment on to our licensed mortgage experts who will reach out to you soon with more information.

  81. Hi, I am in the process of a mortgage with Wells Fargo. I was pre-approved in July with a mid-score of 601. However, due to issues with repairs needed on the home I’m buying the closing is delayed. If we don’t close by October 30th, they say my documents will expire and they will have to re-pull my credit and if it has dropped below 601 then I will will not be approved causing me to lose this house and the 1500 I have spent this far on the appraisal and home inspection and earnest deposit. I know my score dropped some due to a hard inquiry and is now either 593 or 588 and I’m so upset they won’t approve me. I had a mortgage with them up until July for 5 years and never missed a payment and was never late. I have an income of 105,000/annually and a steady job I have been at for more than 2 years. Is there any possibility you can help me so I can still purchase this home? Thanks!

  82. I am currently in underwriting for 2 weeks. I have provided on the documents requested under my ql. I have student loans that are in the grace period. I will not register for January term until November. Once I am in school I will automatically go into “in school” deferment. What information will underwriting need from me for my student loans? As of right now my credit reports states “payment deferred. I want to be ready if I have to prove something other than what my credit report state.

    1. Hi Jane! I’ve passed your comment on to our licensed mortgage experts who will be contacting you shortly. Thanks for reaching out.

  83. Hi. I am a teacher in south florida (12 + years), I also work a second job, looking to buy a home within a year, get pre approved. First time buyer, teacher, credit is only fair. (from old college mistakes etc) Job is stable and consistent. please advise.

    1. Hi Andrew! Thanks for reaching out. I’ve passed your comment on to one of our licensed mortgage bankers who will be in touch soon. Hope you have a great day!

  84. Does quicken loans do va loans below a 620, my mid score is at 617, I’ve already talked to two other lenders one said I have to be at 620 the other said I needed to be at 640.

    1. Hi Keith (great name by the way),

      I’ve forwarded your information to our VA Home Loan Experts who will reach out to you for more information.

      Thanks for reading!

  85. Please contact me about a USDA or FHA loan. I have a 617 middle score, no monthly credit obligations except two small limit credit cards with perfect payment history, $36k income, bankruptcy discharged almost 4 years ago, a few medical collections on file but nothing non-medical. I also have $30k in student loans but am in a $0 per month IBR ( Income based repayment ) plan and will be back in deferment in Jan when I start school again. Pls can you help me?

  86. I am 41 years old have been at my workplace since 2003 and currently in my home since 2010. I remodified my mortgage last year and have not missed any payments. My credit score is in the mid 500s due to a major shortage of work. I paid mortgage and essentials first. I reinstated my own business 3 years ago and I took on more than I could have handled which put me in more debt. My home is worth 425K and I have a mortgage balance of 280K. I am looking for a home equity line of credit of $25,000.00 to pay off my debts and try to start rebuilding my credit score. I have hired a company to help me to fix my credit score as well. If anyone can be of assistance please contact me and thank you…

  87. Here is my situation. Have a FHA loan with Wells Fargo since 2005 with at the time a wife. Both names on loan. We divorced and she sign a quit claim that is filed with court house. I have a 5.625 fixed on about 200,000 originally, current balance about $167,000. No second mortgage. My scores FAKO shows currently 622,635,664. I want to refi FHA streamline to a new 30 year fixed which will take ex-wife off loan. I am tracking to make 75,000 this year and am doing all I can to improve credit. What I dont want is cash out, a higher interest rate and payment.

    My goal is to free my ex wife and pay less per month. House is in Olathe, Kansas

    1. Hi Jim, I have shared your inquiry with our home loan experts and you will be contacted to learn more about your situation and see if we may be of assistance. Thanks!

  88. Hi I want if I can qualify as a first time buyer again its been more then 7 yrs I purchased and sold the home with no late payments or any problems and am looking to purchase as a first time buyer again with little to no money down

  89. Hi I was wondering in order to go with conventional loans what are the credit score requirements. I have the credit score currently is 657 is it enough for a conventional loans. .please contact me my email thanks.

    1. Hi Shamuel,

      We’ve forwarded your question to our Home Loan Experts who will be reaching out to you soon.

      Thanks for reading!

  90. My husband and I have a deed in lieu from 2012 on our record. We were unable to secure a short sale. Out crest scores are close to 700. Can we buy another home? What are the requirements? Can someone please contact me?

    1. Hi Melissa!

      We can certainly have someone contact you! I will forward your information to our Home Loan Experts who should be in touch with you soon.

      Thanks for reading!

  91. Hi I live in saginaw michigan. I currently have my house on land contract. I only owe 17k I would like to refinance with cash out. My home should appraise for 50k plus. My credit score is between 590 and 620. I currently don’t have homeowners. But doesn’t matter if I need to get it. My tsxes are included in my mortgage payment now. I currently make about 17, 500.00 a year. I’m currently working on my bachelor degree. So I do have student debt. That is current. As long as I’m still in school I don’t have to pay on the debt. I’ve got a 2008 trailblazer I owe 9k on. Can I get approved? If I can’t get cash out cause oh the credit fine. I just want out of the land contract terms.

    1. Hi Donny,

      I have forwarded your information to our Home Loan Experts who should be in touch with you soon.

      Have a great day!

  92. I would like to know more about the deed in lieu option. Are there certian criteria a persson has to meet or can anyone do it? i’m not completely understanding what I’m reading about it.

  93. We are looking to purchase our first home in FL. Credit score is 612. We have $0 debt monthly, besides car ins., utilities, food, etc.. My fiancée grosses $45,000.00 yearly. We are looking for something no higher than $150,000.00. Area we are looking in is Stuart, FL. The city also has a SHIP Program, but I’m not to familiar with that. Would we qualify for a loan with an interest rate that’s reasonable? Would appreciate any help you can provide. Thank you.

  94. My husband has a middle foci score of 586, he does have 2 judgements and a repossession from 4 years ago, he makes about 55000-60000 a year. We have a few accounts on his credit that are positive and we have never been late on the past 2 years. And we have one secured credit card that we have had for 2 months. Would we have a chance of qualifying? On our own or with a co signer?

  95. Not sure about my credit score, but I know it’s not great. Interested in either a FHA or VA (have my certificate) loan. Can they be combined? FHA loan backed by VA? If not, how do I determine which is best for me?

  96. I am want to buy another property I currently own one house that I purchased and paid off in 4 years that was a 5 year loan held by the previous owner. I have had credit problems in the past and have spent the last few years trying to build it up but it is still at around 589 last I looked. The property that I want to buy they want 90,000 but won’t except offers unless someone is already approved for a loan. I am currently deployed right now I tried to go through my bank which is USAA through there online banking but as soon as I put my credit score in and submitted it I was denied. I have enough to do at the least 5% and closing costs and I am willing to put my current house up for collateral but I don’t know the next step to take. Besides being deployed I also have a job when I return to the states that I had for two years before I deployed. I would like to purchase this property before I come back to the states in August. Can you help me with my next step or if its even possible for me to get this property.

  97. After reading the article and several comments, I just want to put out there that Quicken, as with most other lenders will not lend to you if your score is below 620 on an FHA loan. Plus, even on top of that, pre-qualifying for a loan with a 620 score still doesn’t matter if there are certain “blemishes” showing in your report. This is the third year in a row that I will have tried to buy a house and may finally succeed. Researching all the options is the key. There are only a handful of lenders out there that will consider a 580 and finding them is like looking for a needle in a haystack. I recently had a lender that pulled a combined report (has everything from all 3 bureaus in 1 report), and was told I didn’t qualify for their programs at this time because of my score being low. She actually emailed me a copy of this report (for free!) so that I can review it. The biggest key she pointed out was that I have old collection accounts that are showing as being in dispute. She also advised me that no lender, even ones that will work with a 580 score, will lend to someone with those types of accounts. Her advice: contact the creditor, and the bureaus, and have the account status changed to remove the “account in dispute” tag. As long as your request is responded to in a prompt manner, this is a 30-day fix and can raise your score significantly.

    So, even for those of you out there with lender-acceptable scores, take a good, hard look at your reports before applying because that score alone still won’t get you very far if some other factor comes back out of whack.

  98. I am being relocated by my employer. We currently pay $1200 per month in rent and have been for 18 months. My credit score is 590 and I have been told the minimum is 620 to obtain financing. My annual household income is $115,000. I am searching for homes in my new location between $120-140k. My debt to income ratio is approximately 22%. Is it possible to obtain financing for this scenario?

  99. My TU fico is 603. I make 40-45k yearly. I have total monthly debt of 440. Is there any way I can obtain a home loan for 65-80k? How much of a downpayment may I need?

    1. Hi Ingrid, I’ve shared your inquiry with one of our home loan experts who will contact you to see if we may be of assistance, thanks.

  100. Hello- I recently pulled all three of my credit reports and paid for one of them to show me my credit score which showed 640. I currently make $1840 monthly. I am looking to get pointed in the right direction in being able to buy a house within the next year and I have no idea where to even start.

    I have a couple of charge offs and a credit card which went into collections but those came off my credit report in Feb 2014 (as i was young and dumb). I have a truck now that I make a payments on but had to have a co signer for this and I started leasing that in August 2013.

    I am also married and my husband let his house go into forclosure back in June 2013 (he had the house before we got married) and I dont want his debts to be used against me as I am trying to get qualified for a house alone. Is this something that I could still do, and how could I go about getting approved for a FHA loan in Michigan under my own income and credit.

    Thank you.

  101. have some questions m trying to get my credit score higher to get a home loan i think my score is 588 last time i checked please help me

  102. Hello! I’ve been working on my credit for a few months getting it from 520 to 600. Will I qualify? I’m looking at several 2Br condos under 180k that would cost me less than what I pay in rent. I make a good income (56,000)

  103. Hi! We are looking to get a mortgage…. My score is between 600 and 630…..depending what score you look at. I am a teacher, my income is 43000. We have been given the run around by several people. We pay 975 a month, now, for rent.

    Thanks!

    1. Hi Brandi!

      I’ve forwarded your information to our Home Loan Experts who should be reaching out to you soon.

      Have a great weekend!

    1. Hi Marlena,

      I’ve forwarded your request to our Home Loan Experts who should be in touch with you soon!

      Have a good day!

  104. I just got a new job making $90,000 base + commission. My wife is leaving her job to freelance (she is an expert in her field). We are both above 50 (barely) and I owned a home back in 1982 – 85ish and she has never owned a home.

    My credit score is over 700 and hers too (I believe).

    We want to know how much we could qualify for?

    We pay $479/mo/cars + $4-500/mo Credit cards (which can be reduced!). No other loans.
    Thanks
    Larry

    1. Hi Larry! I’ve forwarded your question to our Home Loan Experts who should be in touch with you soon!

      Have a great day.

  105. I am looking to become a first time home owner. I am interested in obtaining an FHA Loan. I have a credit score in the mid 500’s. I have gross income of $4800/month and I am looking at a foreclosed home that is selling for $49,400, but is appraised for $105,000. Where do I begin to try to get financed? I’ve read that if your score is low, you can sometimes get financed if you put down a larger down payment. Is this true?

  106. Hi, my husband and I are wanting to purchase a home. We would be first time home buyers. We bring in after taxes roughly 3000 dollars a month, and have expenses of 380/month. I have horrible credit due to health expenses and multiple surgeries, as of September when we purchased a new car my credit score was 601 and my husband has no credit score. Are there any real options out there for us to purchase a home?

    1. Hi Nichole, thanks for reaching out to us. I’ve shared your inquiry with one of our home loan experts who will contact you to discuss further. Thanks and have a great day!

  107. Hello, I am a first time home buyer and so is my fiance, and we are looking at a home that is in foreclosure and has many repairs needed to it. We need a loan but I have no credit and he has low credit. Do you think you could help? Please contact my email.

  108. I am in LOVE with a home I found and I am trying to get a $150,000 loan hopefully with a payment thats not 1000$…

  109. I would like to qualify for a 30k home loan. I bring home 2,000 to 2,500 a month. Looking for a 15yr fixed mortgage, but I need some direction to fix my credit of 525. I have a year to fix my credit because the person selling the house is willing to wait until I am approved. Thank you!

    1. Hi Christine, thanks for reaching out to us, I have shared your inquiry with one of our home loan experts who will contact you. Thanks.

  110. Hi
    I’m looking for a condo loan of up to 65k (maybe less). I can put 20 to 30% down with a vs of 588. I have no debt other than 6k on an auto loan. Is this possible?

  111. My name is Alexandra, I currently have a Credit score of 606, every lender I speak too keeps telling me no, I am wondering if you can help me with a loan. Please email me asap.
    Thank you

    1. Hi Alexandra, thanks for contacting us, we’ve shared your inquiry with one of our home loan experts who will contact you to see if we may be of assistance. Thanks.

    1. Hi Ruth! I’ve forwarded your info to our Home Loan Experts who should be in touch with you soon!

      Thanks for reading!

  112. My name is Falon and my husband and I want to buy a house, we are first time home buyers and really are just itching to get our own place. My husband makes 45,000 per year and his credit is not that great at all, we hired a credit specialist three months ago and since then his credit has dropped 72 pts bringing it from 612 down to 540. My credit, however, right now I think is around 573, but I do not work. We really want to buy a house and are wanting to know what we need to do to get this process going a little faster.

    1. Hi Falon! I’ve forwarded your info to our Home Loan Experts who should be in touch with you soon. In the mean time, the Zing blog has many articles about the home buying process!

  113. Hello, my husband and I have lower credit scores, mine because of lack of credit his was good before he got laid off a few years ago. We are paying off the debt we accrued during his layoff. We have recently cleared quite a bit of debt and can afford a down payment of 10,000. Would we be able to qualify?

    1. Hi Nikki!

      I’ve forwarded your request to our Home Loan Experts who will be in touch with you soon.

      Thanks for reading!

  114. Hi my wife and I are trying to buy our first home. My credit score is currently a 595 am I make 31k annually. Would we qualify for and FHA loan. We currently rent for $850 a month and would love to have a home of our own.

    Thanks, Corey

    1. Hi Corey! I’ve forwarded your information to our Home Loan Experts who should be in touch with you soon! Have a great day.

  115. My wife and I have credit scores of 600,our annual income is between 75,000 and 80,000. We have been denied twice by one bank. Do you guys approve loans with our type of score?

    1. Hey Ricardo,

      I’ve forwarded your info to our Home Loan Experts. They should be in touch with you soon!

      Have a good week!

  116. looking to purchase a home in michigan, im a first time home buyer and my credit score is 597, i have a 100% on time payment for all credit cards, what are my chances of getting a fha loan

    1. Hi David. I’ve forwarded your info to our Home Loan Experts who will reach out to you soon. Let us know if you have any other questions!

  117. Bull- I have a fico score of 589 and quicken loans told me they can not help me. My score has to be above 620. Your add is misleading since your people tell u other things. I was hoping to buy a home by spring- 1st time home buyer and only have a car loan as debt, have plenty of income- my husband and I make about 55k a year.

  118. Hi- I was told to contact your company to get a FHA loan. My FICO score is. 589. With 2 things on my credit. Your representative stated he could not help me. I am looking to get a loan for 40k my husband and I live in a rural area and make 60k together yearly . We have a car loan (under 9k) and students loans… Can I get approved? Quicken loans Ran my credit score- 550, 589, 624

    1. Hi Sarah! We’ve forwarded your info to our Home Loan Experts who should be in touch with you soon. Thanks for reading!

  119. Hello,
    I am looking to buy a home for less around 100K, My CS is 582 right now and hopfully increase since I have paid my car off in full (November was Last payment). I have about 6K in debt right now and am looking to pay off some more debt in the next few months. I have a 6 month plan right now to get myself qualified for a loan. I really need to guidance to get me over that last hump. Is this realistic of a goal? Can someone help? Thank you for your time. Johnny

  120. Hi. Four years ago my husband and I did a Deed in Lieu on our home. We have been renting for the past four years at $1700.00 a month, never late. We are ready to be home owners again. We have a large down payment saved up. BUT…his credit score is 598 and mine is 611. His income with bonus is about $150,00.00 plus a year. We already know we will need a FHA loan because of the Deed in Lieu. Do you think we could secure a loan for $240,000.00?

    1. Hi Brenda! I’ve forwarded your question to our Home Loan Experts who should be able to give you an answer based on your information. They should be in touch with you soon!

    1. Hi Mark. We’re sorry to hear about your poor experience with us. I’ve forwarded your issue to our Home Loan Experts who are going to look into this. Thanks for reading.

  121. Hello my name is Stephanie and my credit score is 597. However, I do have collections on my credit report but I purchased a 2004 Ford Explorer about three years ago and paid it off in full early and have recently purchased a 2005 Honda accord. Would I be eligible to be approved for a home loan?

    1. Hi Stephanie! We’ve sent your question to our Home Loan Experts who should be in touch with you soon! Thanks for reading!

    1. Hi John! We’ve forwarded your question to our Home Loan Experts so they can give you an accurate answer. They should be in touch soon!

  122. Hello.. I’m trying to get an Fha 203k loan.. My middle score is 628.. I have been renting this property for 16 years and my landlord is willing to sell it to me for $30,000.00. I would like to borrow at least another $30,000.00 for repairs. I make over $40,000.00 a year, I’ve been at my job for 15 years. Do I qualify for 203k loan

  123. Hi we are looking to buy a home at 270000 i make 120k credit score is 601 602 and 616 we also currently have the 3.5 down required. No late payments in 13 months can you help us

    1. Hi David, thanks for reaching out to us. We’ve shared your inquiry with one of our home loan experts who will contact you soon to see if we may be of assistance.

  124. I came across your website. I am having a horrible time getting my credit score up. Stuff that was not on there before is now on there, 2 years later. (And this information is more than 4 years old). My middle score is 588, but the trouble I am having is that the credit bureaus, in letter after letter, refuse to remove the information from my file, (Equifax is the worst. There is a difference of 40 points between it and Transunion). I have been trying for more that 2 years to get some of this off, and almost to point of giving up if I will ever be able to own a home. Can you help?

    1. Hi Dale! Dealing with you credit score can sometimes be difficult and frustrating. I’ve sent your concerns to our Home Loan Experts who will be reaching out to you soon. Thanks for reading!

  125. Little unhappy with you guys! Was first told could do the loan but I had to wait till Aug. I call back and another tells me no. What gives! Credit scores 667. I have allready found another (Flagstar bank) to work with. I just don’t appreciate being told to wait and then told no. The pulls affect my credit score each time you pulled. Not happy!

    1. Hi Dee! We’re very sorry to hear about your experience. I’ve forwarded your concerns to our Home Loan Experts who will review your concerns and get back to you soon. Thanks for reading!

  126. Can I get this type of loan if I’m not first time homeowner? It has been 5 yrs since we sold our second home and have been renting ever since. Our median score is 630, but there is a judgement due to a credit card that went unpaid. We are looking at a home for $35-$40grand with as little down as possible. Income is seasonal but with only 6 week gaps between the two jobs (hubby has 2yr history with both companies) gross monthly about $1900.

    1. Hi Carrie! To give you the best answer possible, I’ve sent your questions to our Home Loan Experts who should be in touch with you soon. Thanks for reading!

  127. Just found out that Bank of America was selling my mortgage to Green Tree. Had horrible 7 years with BoA but have heard worse things about Green Tree…We had some issues about 6 years ago that messed up credit but have been working at re building. Mortgage is current and no problems with that. What is the minimum credit score needed to qualify through Quicken Loans®?

    1. Hi Sue! Sorry to hear about your experience with Bank of America. Because each program has different requirements, I’m going to forward your question to our Home Loan Experts so they can give you a personally tailored answer. Thanks for reading!

  128. i’m desperate looking for a house i take about 2800 a month after taxes currently paying $1000 for rent but i want to own instead of renting. My score is low probably less than 600 not sure i havent checked. Can you help?

    1. Hey Leny! I’ve forwarded your concerns to our Home Loan Experts who should be in touch soon. Thanks for reading!

  129. Quicken loans apparently does not have a 580 qualifying score for an FHA loan. I just got done speaking with an online rep who told me that I needed a score of 620 to qualify for an FHA loan.
    The house I want to purchase is 44,000.00, and I make about 1600 a month. I have excellent rental history and several revolving lines of credit in good standing. My credit score is 603 and my debt to income ratio is about 35%. I asked about quicken loans minimum requirement of 580 and he said “we have a 580 program, but in order to qualify you need a minimum score of 620.” The Rep did not really explain why I did not qualify, he just said my credit score was too low. I think this article is just a way to try and push the quicken loans credit repair program, because this is all the rep really tried to do after I asked about why I didn’t qualify for an FHA loan.

    1. Hi April! I’m going to have someone dig into this for you so you get the answer that you deserve. Someone should be in touch with you soon! Thanks for reading!

  130. Hi! I have a tough question, I have a credit score of 589 and self employed. My bank statements show great earnings this year. However, my past taxes reflect writeoffs to reduce my tax liability. I pay $1350/mo in rent now for the last two years and statements reflect this. A personal truck loan of $389 will be paid off in about two months. I have lines of credit (at least three) that are in good standing. Is there any thing that can be done for an fha loan?

    1. Hey Luke! I’ve sent your question to our Home Loan Experts. It shouldn’t be too tough for them and they should be in touch with you soon. Thanks for reading!

  131. I am looking to get a home loan for no more then $120,000 my credit score is 582 I checked my credit and filed a dispute with all things that were in correct on my credit. I have more good then bad so I don’t know why it’s so low. My husband and I currently rent a home for $900 we afford it easily we have lived here for 4 years and just want to stop throwing our money down the drain and have something that is ours . I can come up with a down payment please someone help I don’t know where to start this will be the first time I have bought a home

    1. Hi Jessica! I’ve forwarded your info to our Home Loan Experts who should be in touch shortly! Thanks for reading.

  132. Hi I have a credit score of 592 and make $2000 each month before taxes with two incomes and want to get the highest amount loan to get into our first home…. without consolidating, what are my options and how much would I be able to get in a loan towards a first-time buyer house?

    1. Hi Marie! We’ve forwarded your question to our Home Loan Experts. They should be in touch soon! Thanks for reading!

  133. Not really sure what my credit score is but I’m looking to buy my first home and would like to get pre approved before I go to far. Any help is greatly appreciated.

  134. I currently have a 581 median score. Income is great. Score is low due to a divorce. Any chance I could get financed with you all?

    1. Hi Shaun, thanks for reaching out to us. I’ve shared your inquiry with one of our home loan experts who will contact you soon to see if we may be of assistance.

  135. My fiance and I are going to be moving in order for him to take a new job. I will keep my current job and commute and he will be getting a substantial pay raise. We are wanting to buy a home when we move rather than rent. Our current montly income is around $3000. After my fiance’s promotion it will be higher. We rent right now for $700 a month and have monthly debt payments of $510, consisting of one credit card payment, one car payment, and both of our student loan payments. My credit score is only 613 and I do have 2 charge offs on my report, both from two years ago. His score is closer to 700. What type of financing might we qualify for?

    1. Hi Lauren, I’ve forwarded your question to our Home Loan Experts. They should be in touch soon! Thanks for reading!

  136. I have a credit score of around 590. I am currently renting for $1500 a month and would like to purchase the home I am renting for $225000. My income is $85000. Most of my credit issues are due to a sick child who was in and out of the hospital for a year. This caused my wife to cut down to 15 hours a week. This was 7 years ago and we are now just getting back on track. Is there anything you can do to help us?

    1. Hi Greg! We’ve forwarded your question to our Home Loan Experts who should be in touch with you soon. Thanks for reading!

  137. I am in search of a lender who issues FHA HUD 203k loan. I am looking at a property that is owned by hud and in need of repairs and rehabilitation. the total cost to purchase and rehab the property will be under $70,000.00. My credit score is 603. I have $7000 in savings for closing
    Please contact me by E-mail

    1. Hi Allen, I’ve forwarded your inquiry to our Home Loan Experts who will contact you via email. Thanks for reading!

  138. Hello, I am recently divorced and I am looking to purchase my first home. My current median score is 590. Will I be able to get approved for a mortgage?

  139. yes my name is megan I have a credit score currently of 607 and I am an RN due to past divorce I had a few bad marks from past credit cards but now have paid everything off. I rent currently for 900 a month and one car payment of 425 now and my credit keeps climbing but I found my house I love now and it wont be on the market long especially at only asking price of 105000. thanks megan

  140. I’m currently in a seller carryback loan with a $72,000 ballon payment. I need to refinance, my credit score is currently a 581. I live in Glendale,AZ. 85301 area .
    Thank you,
    Kim

    1. Hi Kim,
      Thanks for contacting us, one of our home loan experts will reach out to you to see if we may be of assistance.

  141. I am looking to received an USDA loan, my creidt score is 606. do you think i can get a home purchase loan

  142. Hello, I am interested in a conventional loan, my score now is 628 but should be higher than 650 in few days since just paid off all credit cards. I was approved for an FHA loan last year with a mortgage firm but didnt go through with got tired not find a good home and just gave up. Income is ok and Ready now to purch thinking 60-100k starter home.. first time buyer and ready to close. thanks

    1. Hi Gee! Good work on getting those credit cards paid off. I’ll make sure one of our Home Loan Experts gets your info so you can get the ball rolling on purchasing!

  143. Hello- I am looking to buy a house for me and my children. My income is 32k per year and my credit score is between 582 and 638. I am looking for a loan for less than 90k.

  144. i have a 600+ score and looking to get a house i make 85k/year + bonus/401k

    i have only 1 late payment in the last 12mos

    is it possible to get a lown for a home cost 150k or less

    current rent / utils is like 1200 to 1300

    sj

    1. Hi Sean, thanks for reaching out to us, we have shared your inquiry with one of our home loan experts who will contact you. Thanks and have a great day!

  145. I have a home paid off worth $200,000 – I am looking for a home equity loan of $40000. My credit score is 597 equifax. And 647 transunion Would there be any options with your company?

  146. 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??

  147. 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.

    1. 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!

  148. 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.

    1. Hey Josh,

      I’ve forwarded your question to one of our Home Loan Experts. They should be getting in touch shortly!

      Thanks for reading.

    1. Hi Shanty!

      I’ve forwarded your question to one of our Home Loan Experts. They should be getting in touch shortly!

      Thanks for reading!

  149. What are your current requirements for an FHA:
    Down Payment?
    Credit Score?
    Income? or Debt to income ratio?

    Thanks

    1. Hi Lisa! We have forwarded your questions to our Home Loan Experts who should be getting in touch with you shortly!

      Thanks for reading!

  150. 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

    1. Hi Carl, thanks for contacting us. I’ve shared your inquiry with one of our home loan experts who will reach out to you.

    1. 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!

  151. 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.

    1. 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!

  152. 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

    1. 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!

    1. 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.

  153. 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

  154. 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

    1. 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.

  155. 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?

    1. Hi Julie, thanks for reaching out to Quicken Loans®. One of our home loan experts will contact you to go over your questions.

  156. 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?

    1. 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.

  157. 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!

    1. Hi Emily, thanks for reaching out to us, one of our home loan experts will be contacting you with more information.

  158. 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.

  159. 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.

    1. 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!

  160. 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 ?

    1. 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

  161. 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?

    1. 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!

  162. 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?

    1. 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®.

  163. 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!

    1. 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!

    1. 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!

  164. 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

    1. 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!

  165. 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

    1. 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.

  166. 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?

    1. 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!

  167. 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?

    1. 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.

  168. 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.

    1. 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!

  169. 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.

    1. 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!

  170. 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.

    1. 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!

  171. 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…….

    1. 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!

  172. 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.

    1. 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!

    1. 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!

  173. 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

  174. 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

  175. 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.

    1. 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!

Leave a Reply

Your email address will not be published. Required fields are marked *