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Im being told by my own bank here that i have to have credit score of 620 here in arkansas because of some neighbor hood watch that i dont know about and have never seen and obviously dont work lotsa breakins around here.is this true that FHA wont help me because of Arkansas and there messed up rules.I thought it was to help people and they are also tellin me i have to have 620 in order to get the down-payment assistance. omg i just wanna cry we are supposed to be closing on the 30th. also will owing back unemployment benefits hurt me or do they even check. someone who knows what they are doing please help. my loan company is out of state its who i chose. i just called my bank here to see if they were familiar with this downpayment assistance and thats when i found all this out aslo they said i have to use them for my loan. I was told none of this is true
The person named "someone" answers so many questions on Yahoo that I've seen, and she is yet to have one correct answer. How someone can be so consistently wrong and also be a "top contributor" simply baffles me. Most lenders do have a minimum credit score of 620, but Flagstar mortgage has a 600 minimum credit score. Either contact flagstar directly or find a local lender that uses Flagstar. The rate is higher if your score is 600 and there might be other requirements, but you should look into it. Below is a copy/paste from Flagstar's rate sheet. 7th line below they have a 600-639 credit score option which comes with a higher rate. Government Price Adjustments Loan Size Price Property Type Price Rate $75,000 - $99,999 -0.250 Manufactured Housing -1.000 +0.500 $50,000 - $74,999 -0.750 NC, Mississippi -0.250 $20,000 - $49,999 -2.000 FICO Program Adjustments No FICO (excludes streamlined purpose type) -1.500 Mississippi Fixed and ARM -0.250 FICO 600-639 -1.500 ARM Jumbo Loan Sizes >$417,000 -1.500 FICO 640-659 -0.750 Delivery FICO 660-679 -0.250 Mandatory Delivery +0.200 FICO 700-739 +0.250 Direct Endorsed (DE) customers +0.500 FICO 740+ +0.500
I don't know anything about your states downpayment assistance. But yes the FHA requires a credit score of 620 or better to qualify it also requires a debt to income ratio of less than 40% and no unsettled outstanding debts on your credit report. It sounds like you wont qualify for an FHA loan. Your only other option would be a conventional mortgage with 20% down payment.
Actually the FHA tightened the requirements and you need a score of 680