Whats a good credit card for a low credit score and immediate approval?

[JennB]

Jenn, I hate to tell you this but you are completely wrong when it comes to FHA loans.. The POINT of a FHA loan is to give it to people who don't have a credit score high enough for a conventional mortgage. I respect that you have had a history of auto loan issuance but I know what I'm talking about when it comes to mortgages..

Proof Positive..


Borrower's who are applying for a FHA mortgage do not need to have a certain minimum.In fact HUD does not impose any minimum credit score standards. While some lenders may impose minimum this is not an FHA requirement and is a lenders choice in order for them to minimize their risk of potentially problematic loans. While not perfect they do give an indication of the borrower’s credit history. Borrowers withabove 620 will generally be able to get approved through the use of automated underwriting engines. Borrowers withbelow 620 may not get approved through the automated engines and have to go through a manual underwriting process. Manual underwriting usually takes a few extra days and a little more documentation. Once again it will be the overall pattern of credit that will be evaluated. Beginning July 14, 2008 borrower with a representative credit score between 300 - 499 will not be eligible for financing above 90% LTV.

You should have put that in quotes since you copied and pasted it from a website.

Yes, I know this but have fun finding a lender that will give you a loan with a score under 620. I may not know every single in and out of mortgages but I have two of them and I just asked a mortgage lender this exact question a few months ago. He said 620 for FHA, anything else, he shops as subprime or doesn't even bother with at all. To get an FHA with Fannie Mae and Freddie Mac, you need a 620. And as was said above and which I totally agree with, the FHA itself may not have a minimum but if the lenders do, that's what matters. You aren't applying to the FHA for a loan but when Fannie Mae and Freddie Mac, the largest FHA lenders, have something as a minimum, you're going to have a hard time getting around it.

http://www.housingwire.com/2009/12/0...-score-to-620/

http://www.azmortgageguru.com/min-cr...-fha-va-loans/

If you don't have a 620, you shouldn't be buying a house. You should be saving money and fixing your credit.

Also, FHA loans are not just used for people who cannot qualify for conventional mortgages, they are mostly used for people who do not have a large down payment. The FHA minimum down payment is 3.5% while banks and other lenders may require 20%. FHA loans are also heavily used by first time buyers who do not have equity in a home to use as a down payment on their new home.

I worked in auto finance over a decade ago and since then I've had two mortgages and one refi. Over ten years of home ownership, I've learned a lot. I may not know it all, but I know enough and I try to learn more as the rules and regulations change. Being an accountant, anything that involves money gets my attention. I'm actually quite happy about the recent changes in the loan industry. I think people need to start seeing home ownership as something to work for and not something they can just walk away from when they can't take it anymore. I'm certainy happy about it because I just closed on my second house last month and paid $80,000 less than the original listing. Brand new home inside the perimeter... yay housing crunch! lol

[HatchHero]

You should have put that in quotes since you copied and pasted it from a website.

Yes, I know this but have fun finding a lender that will give you a loan with a score under 620. I may not know every single in and out of mortgages but I have two of them and I just asked a mortgage lender this exact question a few months ago. He said 620 for FHA, anything else, he shops as subprime or doesn't even bother with at all. To get an FHA with Fannie Mae and Freddie Mac, you need a 620. And as was said above and which I totally agree with, the FHA itself may not have a minimum but if the lenders do, that's what matters. You aren't applying to the FHA for a loan but when Fannie Mae and Freddie Mac, the largest FHA lenders, have something as a minimum, you're going to have a hard time getting around it.

http://www.housingwire.com/2009/12/0...-score-to-620/

http://www.azmortgageguru.com/min-cr...-fha-va-loans/

If you don't have a 620, you shouldn't be buying a house. You should be saving money and fixing your credit.

Also, FHA loans are not just used for people who cannot qualify for conventional mortgages, they are mostly used for people who do not have a large down payment. The FHA minimum down payment is 3.5% while banks and other lenders may require 20%. FHA loans are also heavily used by first time buyers who do not have equity in a home to use as a down payment on their new home.

I worked in auto finance over a decade ago and since then I've had two mortgages and one refi. Over ten years of home ownership, I've learned a lot. I may not know it all, but I know enough and I try to learn more as the rules and regulations change. Being an accountant, anything that involves money gets my attention. I'm actually quite happy about the recent changes in the loan industry. I think people need to start seeing home ownership as something to work for and not something they can just walk away from when they can't take it anymore. I'm certainy happy about it because I just closed on my second house last month and paid $80,000 less than the original listing. Brand new home inside the perimeter... yay housing crunch! lol

not to be rude JennB but ive been tryin to say this the whole time. you know whats going on