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should i expext my fha loan to be denied with a 611 score, 1 late pay, and annual income of 24,960?
recently trying to purchase home it would not go through automated system with score of 611. file has been submitted to under writer. the only bills i currently have are cell 128, daycare 206monthly andauto insurance 65.00 one recentlate pay a cable bill which i have taken care of .
- jle4044Lv 41 decade agoFavorite Answer
FHA requires at least a 640 FICO.
You said 611, is it 611 on all three reports? Know that they are rarely the same score since not every creditor reports to all three agencies. Most lenders will take the middle score if all three are different or I've heard that some will take the average. With FHA, not sure if a lender would be required to only go middle score and not average since FHA is insuring the loan.
You need to pull all three reports (Experian, Transunion and Equifax) plus FICO scores for TU and Equifax (Exp no longer gives out FICO's to consumers, only to lenders. Hate them!). Check both scores as well as making sure your credit files are current and accurate.
Cable bill won't report to credit reports unless if went into collections. Unless you've have a history of late payments (like multiple 30, 60 and 90 day lates) and perhaps a collection account, the only reason I could see your score being in the low 600's is if you have what's called a "thin file". In other words, not bad credit, just not enough! If that's the case, you need to get some credit going. Best place to start is with maybe a secured credit card or a gas card or a department store finance card. Your score won't go up on its own, only though good payment behavior and responsible use of credit.
BTW....just so you know...I used to be about 530 and I'm now around 680 average or so. I rebuilt if off of paying my student loan on time every month for 3 years plus doing the same with an IKEA card. You can too!
- Ryan MLv 71 decade ago