{"id":654,"date":"2015-06-16T10:07:18","date_gmt":"2015-06-16T10:07:18","guid":{"rendered":"http:\/\/teammovemortgage.com\/2014\/09\/01\/fha-mortgage-loan-approvals-with-limited-credit-or-low-credit-scores\/"},"modified":"2020-07-13T22:34:48","modified_gmt":"2020-07-13T22:34:48","slug":"fha-loans-low-credit-scores","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/fha-loans-low-credit-scores\/","title":{"rendered":"FHA mortgage loan approvals with limited credit or low credit scores"},"content":{"rendered":"<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-1311 size-medium\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/06\/mortgage-application-approved-300x199.jpg\" alt=\"low credit scores on fha loans\" width=\"300\" height=\"199\" \/>Low Credit Scores Can Get Approved<\/h2>\n<p>Today there are many prospective homeowners with low credit scores, higher debt to income ratios, or limited credit experience.\u00a0\u00a0This can make it difficult to obtain a mortgage loan to purchase a home.\u00a0 Potential homebuyers do need to prove their ability to pay a mortgage on-time in order to get a mortgage loan approval.\u00a0 We have investors for <span style=\"text-decoration: underline;\"><a href=\"http:\/\/teammovemortgage.com\/fha\/\" target=\"_blank\" rel=\"noopener noreferrer\">FHA loans<\/a><\/span> that will lend to buyers with these characteristics.<\/p>\n<h2>Actual examples of recent <a href=\"http:\/\/teammovemortgage.com\/fha\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">FHA purchase<\/span> <\/a>closings<\/h2>\n<ul>\n<li><a href=\"http:\/\/teammovemortgage.com\/fha\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">FHA loan<\/span><\/a> with\u00a0a 581 middle credit score.\u00a0 So buyer was able to close with less than a 600 credit score but had other compensating factors.\u00a0 It is difficult to get approved under 600 though<\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/fha\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">FHA loan<\/span><\/a> with a 55% debt ratio.\u00a0 The buyer had a higher debt ratio but had compensating factors including a high credit score, credit experience over a long period of time, and a solid income<\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/fha\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">FHA loan<\/span><\/a> with very limited credit.\u00a0 If we are able to get an automated pre-approval for someone that may only have 1 or 2 items reporting on their credit report, we have investors that we could close an <a href=\"http:\/\/teammovemortgage.com\/fha\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">FHA loan<\/span><\/a> for.\u00a0 If a borrower has very limited credit like this, it needs to be good credit and not 1 good item with several collections for instance and it helps if the borrower is able to prove a good rent payment history.<\/li>\n<\/ul>\n<p>Keep in mind that <a href=\"http:\/\/teammovemortgage.com\/fha\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">FHA loans<\/span> <\/a>do have some leniency in their guidelines but it always helps to have the best credit possible to increase the chance of loan approval and to have more loan options to choose from.\u00a0 To learn more about FHA loans, <a href=\"http:\/\/teammovemortgage.com\/fha\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">click here<\/span><\/a>.<\/p>\n<p><strong><em>Team Move\u00a0lends in\u00a0areas such as Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, Sanford, Pittsboro, Apex, Cary, Raleigh, Holly Springs, Fuquay Varina, Siler City, Southern Pines, Aberdeen, Pinehurst, Whispering Pines, Vass, Spring Lake, Fayetteville, Lillington, Hope Mills, Dunn, Angier, Smithfield, as well as the rest of NC.\u00a0 North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Low Credit Scores Can Get Approved Today there are many prospective homeowners with low credit scores, higher debt to income ratios, or limited credit experience.\u00a0\u00a0This can make it difficult to obtain a mortgage loan to purchase a home.\u00a0 Potential homebuyers do need to prove their ability to pay a mortgage on-time in order to get [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1311,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,24,33,17,167],"tags":[25,26,27,28,29,30,31,32,9,10,12,13,310,311,20],"class_list":["post-654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-fha","category-frequently-asked-questions","category-products","category-success-stories","tag-fha","tag-fha-guidelines","tag-fha-home-loans","tag-fha-loan-calculator","tag-fha-loan-requirements","tag-fha-loans","tag-fha-purchase","tag-fha-rates","tag-first-time-buyers","tag-homebuyers","tag-lumberton-board-of-realtors","tag-mortgage-faqs","tag-pinehurst-southern-pines-association-of-realtors","tag-sanford-area-association-of-realtors","tag-team-move"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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