What if I Have Credit Problems?
FHA Common Question #2
The FHA recommends a Consumer Credit Counseling program for anyone who fears being denied a loan as a credit risk. You should, as a rule, be in a satisfactory payment situation for at least one year before applying for any FHA loan program. Your credit counselor can address issues such as income-to-debt ratio, how to maintain satisfactory payments for the required time and challenging unfair or erroneous entries on your credit report. It is very important to approach any FHA loan with an improved credit rating if you have had trouble in the past.
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FHA Loan Articles and Mortgage News
December 8, 2019 - If you are planning for a new home loan in 2020, saving up early for your loan expenses can be very useful. You may not be able to anticipate every expense for the new loan, but if you buy or build a house in 2020 you’ll want to prepare for some known mortgage-related expenses.
December 6, 2019 - Is 2020 the year you have a house built on your own lot with a loan 3.5% down payment? If you are a qualified veteran, that down payment amount is 0% to build on your own land as long as the appraised value matches or is higher than the asking price.
December 4, 2019 - In a recent article we discussed issues that can delay the approval or closing date of your FHA home loan. Do you know what these potential problems are? In Part One we discussed how bankruptcy, foreclosure, and appraisal problems may affect your mortgage loan.
December 3, 2019 - When applying for an FHA home loan, there are issues that can slow down the progress of your mortgage, whether you are applying for a mobile home loan or an FHA One-Time Close Construction Loan. Some may be preventable in the planning stages of your loan.
December 2, 2019 - Your FHA loan options in 2020 include new purchase loans, reverse mortgages, cash-out FHA refinance loans, and the One-Time Close construction loan if you want a house built for you. But planning ahead is key and you will need to examine and work on the amount of debt you carry
