If you have a credit score below 640 and want to get a FHA home loan in California you may be able to get approved. There are FHA lenders now allowing credit scores below 640 on FHA loans in California under certain circumstances.
The FHA loan requirements to be approved for a score below 640 generally adhere to the following:
- No short sales, bankruptcies or foreclosures in the last three years
- No tax liens in the last three years
- No collections in the last 12 months
- No more than one 30 day late payment on revolving debts in the last 12 months
So as long as you do not have any of the above derogatory items on your credit, you may be OK to get a FHA loan in California with as low as a 600 credit score.
Please don’t hesitate to email us at homeloan8@gmail.com or call at 858-922-7899 if you have any questions about getting approved for a FHA, VA or conventional loan. We are experts at analyzing credit reports and getting you on the right track for home loan approval.
Below are some of the most up-to-date advantages of FHA loans in California:
- FHA loan limits in many California areas go up to $729,750. Areas such as Los Angeles, Orange County, San Jose, San Francisco, and San Diego
- FHA loan down payment is only 3.5%
- FHA loan requirements allow borrowers to receive a gift for the down payment from a relative
- FHA loan guidelines allow for a non-occupant co-borrower to help qualify
- FHA loan requirements allow for a 55.9% debt-to-income ratio vs. 45% on conventional loans with <20% down
Regards,
Rob Chomentowski
Sr. Loan Officer (and FHA, VA, conventional, Homepath specialist)
858-922-7899
homeloan8@gmail.com
Related posts:
- FHA Loan Credit Score Key In California
- Rapid Rescore a Great Way to Raise Your FHA Loan Credit Score in California
- Collections Have Big Effect on FHA Loan Credit Score in California
- Credit Score Tips For FHA Home Loans
- Short Sale? Foreclosure? Bankruptcy? Impact On Your Credit Score and Getting an FHA Loan
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