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
October 6, 2019 - There are several areas that can affect whether your dream home is able to be purchased or not and your FHA appraiser is the one tasked with determining if the issues below will interfere with loan approval or not.
October 5, 2019 - Those who have FHA mortgages should know that the basic policy of the FHA and HUD in natural disasters is that participating lenders should consider loan moratoriums, flexible loan modification plans, and other foreclosure avoidance measures.
October 3, 2019 - Getting your FHA lender to take you seriously as a borrower when you have had past credit trouble depends on certain factors. Try to show them your credit troubles were caused by circumstances beyond your control and demonstrate good credit use since the negative credit incident.
October 1, 2019 - There are plenty of indications that a buyer is NOT ready to buy a home with an FHA mortgage loan, but what tells you it’s time to make the commitment? There are five general signs you can use to determine how close you are to being fully ready.
September 30, 2019 - Do you need to refinance your home? There are some important steps you can take to help yourself get the best deal possible when trying to refinance. A bit of planning and preparation will go a long way toward helping you get the best rates and terms possible on your refi loan.
