Can someone qualify for a loan if they have a low credit score?
Can someone qualify for a loan if they have no collateral other than vehicles?
Can someone qualify for a loan if they have no savings accounts?
Can someone qualify if they have credit cards that are all current but one (5 cards)?
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Best Expert Answer
FHA loan minimum credit score requirements are 580 or above for maximum financing, between 500-579 for financing with 10% down. Lender standards may (and often are) higher than these FHA loan minimums. It is strongly advised to be current on ALL financial obligations for at least 12 months before applying for a mortgage loan. The Obama Mortgage was created for borrowers who have mortgage payments but may be experiencing difficulty making payments. You can learn more about the Obama mortgage at https://www.fha.com/define/obama-mortgage
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