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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

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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.

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