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For your consideration: Our observations regarding What's holding back the housing market?

For your consideration: Our observations regarding 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.

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Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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Q: How do I find out who owns my mortgage?
FEB 20, 2024
A:

The owner of the loan is most often the "investor" -- the entity who put up the actual funds to make your mortgage happen.

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Q: What loan amount does a mortgage need to be for it to be considered a Jumbo Loan?
NOV 28, 2023
A:

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

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Q: What does the term ‘conforming’ mean?
SEP 21, 2023
A:

Simply put, a "conforming" mortgage "conforms" to a set of standards so that the loan can be eligible to be sold to Fannie Mae or Freddie Mac.

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