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

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

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

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

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

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This Post Has 393 Comments

  1. 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!

  2. 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!

  3. 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!

  4. 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!

  5. 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!

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