Credit scores eligibility

[Charles Washington]

Hey guys give been watching my credit pretty closely and id like to apply for the FHA 203k loan If two bureaus are reporting well over 580 but one is just shy, should I still apply?

[Paul Welden]

I would wait until you are clearly in the 600's. 

Start working with your lender and they can point you in the right direction to rapidly increase your credit score. 

I had a buyer client a few years ago that was in a similar situation. The lender had a "credit improvement company" look at the credit file and told the buyer to open up a new credit card (even if it was a secured credit card) and charge $15 and then pay it off. 

Then the lender did a rapid rescore and the buyer's credit score was in the more acceptable range to get a mortgage. 

Point is this ..... work with your lender and have them tell you what you need to do go get a mortgage. This will take all the guess work out of it and gives you a good workable plan.