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Anyone an expert with FHA home loans?

Discussion in 'Coffee Break and Community Discussion Forum' started by Nikki, Aug 26, 2016.

  1. Nikki

    Nikki Well-Known Member

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    I've been working very hard on my credit for the last 4 years.

    I desperately need to get my family out of the tiny trailer rental we have been in, and into a home. It is my ultimate dream.

    Most of you have read my previous posts, and are aware of my struggles and achievements.

    2 months ago I was pre-approved for an FHA home loan, with a credit score of 620. After a lot of searching, 2 offers being turned down, I have found an amazing home! I put an offer on it, and THEY ACCEPTED!

    My closing date is September 29th.

    But... I just checked my credit score out and it has dropped down to 610 :( I am heart broken, as I thought the minimum was 620.

    My credit report is sparkling clean - no collections, no late payments, NOTHING. My credit card had a high utilization % so it dropped my score.

    I have contacted both my realtor and my lender. My realtor found several online articles that said there is no minimum credit score requirement for FHA.

    My lender was very vague and just stated to make an appointment to see her and finish applying for my home loan.

    Does anyone out there know if there is a minimum credit score requirement?

    After all the work I have done - I would hate to lose this house.

    Thoughts?

    Thanks in advance.
     
    Nikki, Aug 26, 2016
    #1
  2. Atul Khandekar

    Atul Khandekar Administrator Staff Member

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    I don't know anything about housing loans in the US, but I'd like to wish you all the best !!
     
    Atul Khandekar, Aug 30, 2016
    #2
  3. MCW8888

    MCW8888 Well-Known Member

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    I have seen a similar post in another forum. There is someone who has given a very good advice on the post. I do not know anything about this subject either. All the best in your endeavor to purchase a house for yourself and your family.
     
    MCW8888, Aug 31, 2016
    #3
  4. Nikki

    Nikki Well-Known Member

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    That was probably me. I posted this in Elsmar too.

    The result of everything was that my credit score was a 630 :) Not a 610 like Credit Karma told me. So everything worked out :)
     
    Nikki, Sep 6, 2016
    #4
    MCW8888 likes this.
  5. Vintage Goose

    Vintage Goose Active Member

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    Congratulations, I hope everything works out well for you.
     
    Vintage Goose, Sep 6, 2016
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  6. MCW8888

    MCW8888 Well-Known Member

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    Hope you can purchase the house you like
     
    MCW8888, Sep 6, 2016
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  7. Atul Khandekar

    Atul Khandekar Administrator Staff Member

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    Good to know, Nikki !
    Ditto.
     
    Atul Khandekar, Sep 7, 2016
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    Nikki likes this.
  8. Nikki

    Nikki Well-Known Member

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    upload_2016-9-12_11-3-25.png
     
    Nikki, Sep 12, 2016
    #8
    Candi1024 likes this.
  9. Candi1024

    Candi1024 Well-Known Member

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    Nice!

    Careful though, if you were hoping for any kind of anonymity you just shared your address :)
     
    Candi1024, Sep 13, 2016
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  10. Nikki

    Nikki Well-Known Member

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    Yeah I saw that - It's alright though :)
     
    Nikki, Sep 13, 2016
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  11. Eric Twiname

    Eric Twiname Well-Known Member

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    Congratulations!

    Keep an eye on that water flow in heavy rains.....make sure the wrap around drains stay clear...

    And party in your new home!
     
    Eric Twiname, Sep 14, 2016
    #11
    Nikki likes this.