X

Another spring, same story. Here's an update to our discussion of What's holding back the housing market?

Another spring, same story. Here's an update to our discussion of What's holding back the housing market?

How can I get a FHA loan when my credit score is a 581?

A: In theory, you should be able to obtain an FHA-backed mortgage. However, mortgage lenders are so afraid about being asked to buy back failed loans that they have added "overlays" to the minimum requires standards for credit score (and other underwriting criterion). The practical effect is that it is very, very hard to obtain a loan with a score much below 620. You should review your credit history and correct any errors and work hard to get your score up off the bottom before you try to apply for a loan.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
Please enter a question.
Please enter name.
Please enter email.
Captcha code invalid
Q: Will I pay an ACA/ObamaCare tax when I sell my home?
JAN 17, 2025
A:

Some homeowners will pay this 3.8 percent tax when they sell their homes, but only if they meet certain conditions.

Read More
Q: What loan amount does a mortgage need to be for it to be considered a Jumbo Loan?
DEC 02, 2024
A:

This question used to have a simple answer, since there was a "bright line" definition -- the conforming loan limit....

Read More
Q: How best to consolidate credit card debt?
SEP 24, 2024
A:

A lower-cost alternative might be to obtain a home equity line of credit or even an HECM.

Read More
Add to Homescreen?
X
X
Install this web app on your phone :tap and then Add to homescreen