Comments on: Credit Score below 620? No Loan for You!

By: What is a Good Loan? | Simple Cash

What is a Good Loan? | Simple Cash — Tue, 30 Aug 2011 15:55:53 +0000

[...] process goes much faster. Time is not wasted on lenders whose requirements are too strict for your credit rating. If your rating is poor, you can look for lenders who work with low credit scores. If a co-signer [...]

By: Max Leaman

Max Leaman — Wed, 09 Mar 2011 00:31:49 +0000

Since this article was written, the FICO credit score requirement went up from 620 to 640 for the vast majority of lending institutions. PrimeLending received an exception from investors and can offer FHA loans to borrowers with FICO credit scores of 620 and higher. Of course, there are other requirements besides your credit score! The good news is that PrimeLending is offering this FHA option in all states except Mass.

Max Leaman
Branch Manager

By: jeshudas

jeshudas — Mon, 11 Oct 2010 15:33:09 +0000

What if I am one with zero credit? if my loan is likely to be accepted?

By: Simone

Simone — Thu, 27 May 2010 16:03:48 +0000

I just purchased a home and would like to acquire a home improvement loan. How long should a person wait before applying for another loan after acquiring a home loan?

By: sam harrop

sam harrop — Tue, 25 Aug 2009 20:29:59 +0000

i was wondering if there are any opt out sites in canada that you can stop the credit card companies from sending notices. The 720 guru mentioned something about it but i think it is just for the state. Im looking for one in canada

By: Cynthia

Cynthia — Tue, 04 Aug 2009 09:51:06 +0000

When borrowing money finding a low interest rate is a primary concern but without proper knowledge of the loan market finding a cheap loan can prove difficult. To make the search easier there are specially designed low rate secured loans available, which carry the desired lower rate of interest. Lenders can provide borrowers with an interest rate lower than the average when the borrower offers collateral as security.

By: Kevin

Kevin — Mon, 27 Jul 2009 13:47:21 +0000

We are still lending to ficos down to 500. We are bring back common sense UW to FHA.

Kevin DeLory
Sr. Account Executive
Mid-Island Mortgage Corp
401-333-4520 Office
401-241-2336 Cell
508-276-0625 Fax
Kdelory@mortgagecorp.com
Back to the basics of FHA lending. Common sense UW…NO fico score requirements.

Mid-Island MortgageCorp.
Serving the Industry Since 1959

By: Scott Lambert

Scott Lambert — Fri, 26 Jun 2009 05:56:22 +0000

June 25, 2009

The loan brokering industry has changed significantly over the past few years.
One of the main changes is on their minimum credit score requirement on FHA VA Programs.
Many wholesale lenders are requiring a 620 minimum credit score.

There’s Hope!!!
I work directly with US Bank’s Nationwide Home Mortgage division which allows me to offer a
No Minimum Credit Score requirement on our FHA/VA Programs.
Realtors, Mortgage Professionals and Consumers are all welcome to contact me.
As the industry keeps challenging us it’s good to know that there are options.
Homeownership is my community pledge to you.

Scott Lambert
E/M: scott.lambert1@usbank.com
Direct: 562-795-7544

By: Doc

Doc — Mon, 20 Apr 2009 15:29:41 +0000

I’m one of the many folks that are being affected by the new 620 FHA requirement. I started building a home in 10/08 when the credit score required was 580. Although my DTI is 11%, no credit card dept, Strong employment background (15 years with same company),paid-off all my collection accounts about 14 months ago, current on my school and car loan now for 18 months, have $60,000 in reserves from savings and inheritance, the builder financing CO is still having trouble finding a loan simply becuase of 598, 605, 615 scores. Never new that paying-off your collection accouts actually hurts you, but I just wanted a clean slate.. Need to close in a month.. I’m now working with a company to have the paid-collections removed from my report.Any advice??? …I wish everyone in my situation best of luck!!!

By: Jay

Jay — Wed, 18 Mar 2009 23:35:03 +0000

It used to be that FHA was there to help those that might have credit issues but were able to clean up their credit for the past year or two. Now FHA only serves the mainstream it seams. There are still quality borrowers that happen to have credit scores lower than 620. It’s too bad that guidelines are so tight especially considering the tarp money that banks have been gifted.

By: Phil low

Phil low — Wed, 18 Mar 2009 23:20:00 +0000

Sometimes setting a minimum credit score is good so as not to give more risks to those below 620 to take loan which they might not be able to pay in due time. But the link provided should be considered for those below minimum score who can somehow pay.

By: Bridget Magnus » Money Changes Everything

Bridget Magnus » Money Changes Everything — Fri, 13 Mar 2009 21:40:13 +0000

[...] finally, it appears that just about all lenders are requiring a minimum credit score of 620. If you are considering a home purchase a few months down the road, this is the time to check your [...]