Do You Need Credit Scores to Qualify for an FHA Mortgage?

Credit history and credit scores.

I get asked this question all the time. Most lenders require a 640 credit score, others 620 and others 580. We also do business with two lenders that do not require a credit score at all, as long as we can prove three alternative items that the individual is paying on a regular basis. Besides 3.5 percent down, these lenders will require four to six months in reserves. Alternative credit can be, utility bills, cell phone bills, debit cards and car insurance. You would be amazed, in this day and age how many folks there are with no credit scores at all. They pay for everything in cash. They come from, if I don’t have the money, I don’t buy it.

Tips for Establishing a Credit History By: Scott Wilson

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Frances C Rokicki, September 23, 2012 at 04:09 PM
Joe, Many of the buyers, today, need to be gifted monies from their parents or other close relatives. The pmi and taxes, that are included in the monthly payment, have risen and impacted the affordable loans to these buyers. Some of the programs, have just this year, changed their ratios. Tough on that first time homebuyer.


More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »