Fha loan 3.5% down with 580 Credit score

Buying & Selling Real Estate
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Fha loan 3.5% down with 580 Credit score

Austin Urbanec
Member since 2021 · 6 posts · 5 votes

Hello yall my name is Austin I am a new REI. I am wondering what a good lender would be for an fha loan at 3.5% down if I have a 580 credit score? I have money through my Union retirement I am planning on using for a First time home buyers loan but my credit score has me discouraged that I won't be able to find a lender. I have talked to several lenders already and they all require a 640 score.

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Raymond J. RodriguesBusiness Member
Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
5y

FHA does not have a minimum credit score requirement, they go down to 500. It is lenders themselves that impose their own credit score requirement. 580+ gets you in with 3.5% down.


500-579 gets you in with 10% down. I hope this helps. 

[email protected]619-456-8311
Helm Mortgage Corp.5127 Reviews
WebsiteView Page
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  • Wayne Brooks
    Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    5y

    The minimum credit score, along with other requirements, are set by fha, not the lenders. Some lenders my have overlays though. You can google up fha requirements on FHA's site.

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  • Winston CovingtonPro Member
    Realtor · Santa Ana, CA · Member since 2014 · 131 posts · 111 votes
    5y

    With a mid Fico score of 580, you should be able to obtain FHA financing as long as you have sufficient income and debt ratios meet underwriting guidelines. However; don't be surprised to learn that due to your current Fico score, you may be required to put 10% down.

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  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    5y

    FHA does not have a minimum credit score requirement, they go down to 500. It is lenders themselves that impose their own credit score requirement. 580+ gets you in with 3.5% down.


    500-579 gets you in with 10% down. I hope this helps. 

    [email protected]619-456-8311
    Helm Mortgage Corp.5127 Reviews
    WebsiteView Page
    2Reply
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