Q:Im interested in an Bank of America Fha home loan,but im told that the minimum credit score is 620,but which score do they go by?
A:The FHA imposes NO certain score- they have no minimum. its the lender’s personal choice as to what score they will accept. In general its 620 for an automatic underwriting and 580 for a manual underwriting.
Q:I Â and my husband are searching for home loans (were first time home buyers) but I discovered our credit scores aren’t the best (both of ours are under 600). I keep getting rejected for the FHA loan because they require a minimum of 600.
A:Some lenders can do FHA under 600. Bank of America is one of them. You’re seriously interested feel free to email me and I can give you my office line. Its not a guarantee but I’ve gotten approvals around 550 a number of times
Q:How long does it take to close on an FHA with BOFA?I’ve been waiting for 45 days on an FHA for closing. I gave the loan officer all the papers he asked me and we already have the appraisal. He sent some questions from the underwritter some days ago and then …nothing. We send him emails, call him..and nothing. Does it normally take that much? How long could it take until closing with this bank?
A:FHA loans can close as fast as the appraisal and title work can get back, and the borrower gets the proper documentation into the underwriter. 45 to 60 days is not highly unusual. Beyond that is and you should start insisting on some answers. FHA loans directly from banks and not from a mortgage broker typically have shorter turn around times.If your loan officer won’t communicate with you, I would seriously consider going through a different bank for your loan.
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on Aug 4th, 2011 at 10:35 pm
This is for refinance only
FHA Streamline (640 minimum score)
No appraisal-use stated value
Cannot finance in closing costs
No underwriting (just have to verify you have a job)
Full FHA refi (640 minimum score)
Full appraisal
Can finance in closings costs up to 97.75% LTV
Full underwriting (must meet Debt to income and other credit qualifying criteria)