Question for HLS re. FHA and credit score

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Submitted by tothjj on February 27, 2009 - 11:35am

Sheldon
I have a property in N.J. and the tenant would like to buy and we would like to sell. Their credit is 580 and change. They have been working diligently to get it there to meet FHA loan standards. I know that FHA is not supposed to have a credit score tied to it, but the reality is that 580 has been the number gateway. She hit 580 and now the broker is telling her that she needs 620 to qualify. In your experience, can you still find FHA loans for 580 or has every bank raised the limit? Before I go and start tracking down brokers across country, I want to see if it is worth it.
Thanks
Jim

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The only thing a 580 credit
Submitted by SD Transplant on February 27, 2009 - 4:06pm.

The only thing a 580 credit score shoulb buy would be a LEGO house from Target or a book a finance management......no freaking way people should buy a house on that kind of score