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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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October 23, 2019
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FHA.com is a privately owned website, 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.

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FHA Loan Articles and Mortgage News

FHA Rules on Cash Back at Closing Time

October 12, 2019 - FHA cash-out refinance loans are specifically designed to give cash back to the borrower at closing time once the original mortgage has been paid in full and other loan expenses are accounted for. Certain circumstances might be exempt from the $500 cash back limit on non-cash-out FHA refis. 

Double Check Your FHA Home Loan Paperwork

October 11, 2019 - A Loan Estimate is a document that should reflect what you have been discussing/negotiating with your loan officer and there should be no difference between what you agreed to and what the document contains. There are several areas to pay close attention to.

What a Low FHA Interest Rate Means for Your Budget

October 9, 2019 - Those new to house hunting don’t necessarily understand what a lower interest rate means for your monthly budget. It’s obvious that a lower rate means spending less money on the mortgage overall, but do you know how much you could save depending on the rate?

Home Loan Safety Tips

October 7, 2019 - The Department of Housing and Urban Development has an entire page dedicated to warning people about a type of home loan scam known as the loan modification scam. This is one of many different types of mortgage fraud, mortgage scams, and con games involving real estate.

What Can Affect Your Home Loan Appraisal?

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.