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
June 11, 2018 - For those who want to cash in on the value built up in the home over time, the FHA cash-out refinance is an important option to consider. Be prepared for a new credit check and request copies of your credit reports. Then examine your FICO scores and your credit history carefully.
June 8, 2018 - Is an FHA manufactured home loan right for you? That is a question well worth asking, especially for those concerned that such loans may not be available in certain housing markets. Supply and demand plays an important role in how some lenders approach certain types of FHA loan transactions.
June 6, 2018 - How many FHA loan options to build or buy are out there for those who need a new home? The number and type of options may surprise you. FHA home loans can be used to buy condo units, mobile/manufactured homes, existing construction properties and also new construction.
June 5, 2018 - Regarding luxury items and features in a home, the first and most basic issue is the existence of the pool, barbecue pit, or other similar upgrades. FHA loan rules do not forbid the purchase of a home with these features, but they must meet FHA standards where applicable.
June 2, 2018 - Closing cost guidelines come into play regarding what expenses are considered part of the borrower’s required cash to close. Closing costs can include a lender’s origination fees, pre-paid items such as per diem interest, and discount points where applicable.
FHA.com Reviews
FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!
