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If you have erroneous items on your credit rating, challenge them in writing with the major credit reporting agencies. Be sure to get resolution before you begin work on the FHA mortgage. If you have multiple credit cards, try to pay them down and get rid of one or two of them.

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December 14, 2017
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FHA.com is a private company, is not a government agency, and does not make loans.

How Can I Improve My Credit Rating?

FHA Common Question #14

One of the most important aspects of getting your credit rating in shape before applying for an FHA home mortgage is time. If you believe your credit is in poor shape, you'll want to establish payment reliability over a period of at least one year before starting your FHA loan paperwork.

Another smart idea is to eliminate your debt potential. If you have multiple credit cards, try to pay them down and get rid of one or two of them. This can improve your credit rating by showing you have less potential debt waiting to happen. The FHA loan process hinges on a good credit report.

If you have erroneous items on your credit rating, challenge them in writing with the major credit reporting agencies. Be sure to get resolution before you begin work on the FHA mortgage. You may need several months to clear up contested entries on your credit report-its best to begin the contesting process early.

NEXT:  What is FHA Mortgage Insurance?

FHA Loan Articles and Mortgage News

Read About FHA Requirements, Updates, and Guidelines
Credit Monitoring, Data Security Breaches, and Your FHA Loan

December 12, 2017 - What do Arby’s, Google, and the Internal Revenue Service all have in common? They each experienced some form of security compromise in 2017 that could have resulted (and often did) in sensitive consumer data being exposed to hackers, scammers, and thieves.

FHA Home Loan Limits for 2018

December 5, 2017 - The FHA has announced increased FHA loan limits for 2018. The higher limits affect FHA home loan transactions in high-cost areas, low-cost housing markets, and gives qualified applicants more borrowing power in typically-priced housing markets, too.

Are There Income Requirements for an FHA Mortgage?

November 30, 2017 - Are there income requirements for an FHA mortgage? Some applicants may be worried about earning too much money to qualify for a loan they mistakenly believe are intended only for a certain income bracket.

General Property Requirements for FHA Mortgage Loans

November 15, 2017 - FHA loan rules specify that a home must meet minimum standards in order to be approved for an FHA mortgage. These standards, set by the FHA, do not include state or local building code (which must also be satisfied) and FHA loan rules cannot override the law.

What Are the Requirements for an FHA One-Time Close Construction Loan?

November 13, 2017 - What are the requirements for an FHA One-Time Close Construction Loan? These loans can be different that a standard FHA new purchase loan-there are builders to pay, inspections, and other issues that don't come with other types of mortgage loans.