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· FHA really isn’t credit score driven, it’s the Banks and Lenders that set those score requirements.There are a few lenders that go down to 580 with FHA, I personally have closed on several homes with clients around under 600.
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A couple of years ago, Wells Fargo announced they were lowering their minimum credit score requirement for FHA loans from 640 to 600. This is big news for a couple of reasons. First of all, Wells Fargo generates more home loans than any other lender in the U.S. Secondly, going from 640 to 600 is a fairly large reduction.
In 2011, most of the information I’ve read suggests that lenders are looking for a 640 credit score or higher for FHA loans. But Wells Fargo (the largest mortgage lender in the united states) lowered their fha credit requirements in 2011. They lowered their minimum score from 600 to 500 for some FHA loans.
Would it he possible to obtain a FHA loan with a 600 credit score? Even though the minimum seems to be far less, I cannot find a lender that will accept less than a 640. I paid off all of my debt and have no negative accounts. My credit was a 645, but I paid off my credit card two days too late and it tanked.
Of course, other loans are still available such as the FHA but it is more stressful to secure when compared with the conventional loan format. The FHA allows you to qualify with a credit score as low as 500 with a 10% down payment. So, with a credit score of 600 you are in a good position to qualify.
Our credit scores are low, around 600. We are working on rebuilding our credit and are currently working with a credit repair company to try and expedite the process and help remove any old or erroneous data. We are interested in FHA loans and have heard that it is possible to obtain a FHA loan with lower credit scores.