Consumption and Real Estate
FHA HOME LOANS?? What is the lowest credit score to get approved?
Question : FHA HOME LOANS?? What is the lowest credit score to get approved?
I know that my three scores are 582 / 636 / and the last one im not sure of because Experian was down today – do you think that I will get approved for a loan of roughly $ 250 k I am self employed and grossed 104k. My accountant was able to get my adjusted net income down to $ 72 k……….please help.
fha home loans
Best answer:
Answer by A.R.
The lowest score accepted changes. The last time I spoke with my old real estate agent she was actually talking about this. She said the minimum score is sitting at about 620 right now for government backed loans.
Most lenders have gone to a 620 mid score requirement but there are still a couple that will go as low as a 530 mid. The main hurdle for you will be the self employment issue. FHA guidelines (and every other loan for that matter) require a 2 year history of self employment to qualify. You may also have an issue with your AGI coming in lower then 72K once an underwriter reviews your tax returns. I do know that there have been exceptions made to the 2 year history if you are at least close to it.