FHA Loan minimum credit score requirements
Rating: 0 Posted By: itsmeprinceus
Views: 86 Replies: 5
Hi All,
Thanks for your valuable suggestions with my last post !
Here I am buying my new home and facing all kinds of questions with the Mortgage people !
I finally applied for a loan on Monday. Everything was okay till he pulled my credit and my score was 639. He mentioned to me that he had to talk to come credit experts and they would charge me $100 to advice me to bring my score up a little bit I said okay. The mortgage guy mentioned that I would have to pay 1 point towards my closing so that the bank can give me a loan and he said I wouldn’t qualify for an FHA loan with good banks !
FHA Loan requirements
I was researching today that the minimum credit score was 620 for an FHA and the credit expert which I paid $100 asked me to pay couple credit cards upto 70% and that would increase my score to 660. I was happy but he mentioning me about the point made me worried… Is he trying to rip me off ? Should I ask him any questions ? I don’t have time to shop around at this point as I need to close in less than a month !
PLEASE ADVISE !
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