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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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January 19, 2020
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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 Home Loan Costs to Save for in 2020

January 15, 2020 - If you've already started saving for your down payment, your appraisal, compliance inspections, and other costs, you’re well ahead of the game. Those who haven’t started truly planning and saving may feel a bit lost when trying to get ready for the loan. 

FHA Home Loan Tips for Buying Multi-Unit Homes

January 12, 2020 - FHA loan rules include the ability for borrowers who intend to be owner-occupiers to buy multi-unit properties. For an FHA loan on a multi-unit home to be approved, the borrower must occupy at least one unit. FHA home loans are for primary residences only.

Applying for a One-Time Close Construction Loan in 2020

January 9, 2020 - FHA One-Time Close construction loans are intended to help those who want to own and occupy a home to build from the ground up on their own land. There is also a VA loan equivalent to the FHA construction loan that, starting in 2020, features no down payment.

Mold-Related Issues and FHA Loans

January 8, 2020 - FHA home loan issues can and do include mold. Not every home for sale is a new construction house presumably built free of mold, some houses may require extensive mold abatement depending on age, environmental factors, and related issues.

FHA Loan Limits for 2020: Going Up in a Housing Market Near You?

January 7, 2020 - FHA loan guaranty limits are higher again in 2020. This comes after last year’s increase in loan limits and a fairly good year for mortgage interest rates. FHA loans have loan guaranty limits that help establish the maximum loan possible for a given market.