+1 vote
This website prompted me to another page to see what loans were available to me based on certain questions. If fair credit is ok for a FHA loan, why does it say not available? If you change it to excellent credit, all of a sudden you become eligible. Not an accurate portrayal of what you say credit requirements are. Please explain
asked Dec 5, 2017 in FHA Loans by anonymous

2 Answers

+1 vote
Thanks for pointing that out. While FHA loans technically allow scores down to 500, not all lenders will allow those scores. Lenders have the option to hold higher standards, even though FHA itself is very lenient. Currently, our system is only accepting mid- to high-level credit scores, but if you do some searching, you can probably find lenders who will take a "fair" or even "poor" credit score. We encourage you to keep looking.
answered Dec 6, 2017 by TimLucas (10,040 points)
0 votes
Some lenders do not have pricing for under 600 credit scores. They need to contact the lock desk and get manual pricing. There are times where lower credit score borrowers may need to pay points because of higher interest rates on the market.
answered Feb 6, 2018 by GustanCho (106,540 points)

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