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FHA advises prospective home buyers to approach FHA loans with their best possible credit history to eliminate any potential risk of not qualifying.

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June 25, 2019
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FHA.com is a privately owned website, is not a government agency, and does not make loans.

FHA Loan Tips for Improving Credit

Track Your Credit Score and Stay on Top of Problems

FICO Scores Influence How Much FHA Down Payment Is Required

While FHA loans are known as a great service for people looking for help buying a house, applicants can make the process even easier if they take steps toward ensuring their credit history is in tip-top shape. The agency advises prospective home buyers to approach FHA loans with their best possible credit history to eliminate any potential risk of not qualifying.

Whether you're looking for a loan to mortgage a new house or to refinance a house you already own, it makes the most sense open up all your options with an optimal credit rating. The FHA recommends having a satisfactory payment history of at least one year before applying for a loan.

Credit Tips for Your FHA Loan

Here are some tips to help you on your way:

  • Take a Close Look at Your Credit Reports
    You don't know what could be hurting your credit score unless you actually check. Get your credit reports from the three national credit bureaus--Experian, Equifax and TransUnion--at no cost and comb them over for anything suspicious or questionable.
  • Dispute Inaccuracies
    If you find errors on your credit report, notify the reporting bureau in writing so you have a record. Provide any additional records or evidence you have to support your dispute.
  • Find Professional Help
    The FHA recommends applicants with credit problems get help from a Consumer Credit Counseling program. A credit counselor can help you get back on track.
  • Bankruptcy / Foreclosure
    If you've suffered from a bankruptcy or foreclosure in the past few years, you might still be able to qualify for an FHA loan. Develop a satisfactory payment history, re-establish good credit and meet the other FHA requirements.

While your credit history is just one of the many factors that make up your eligibility for an FHA loan, it is no doubt one of the most important. Having a higher score not only helps you qualify, you can also benefit from the low 3.5 percent down payment on mortgage loans available to applicants with a FICO score over 580. FHA approved lenders don't take your credit history lightly, and neither should you.

Helpful Advice - Credit Scores and Loans

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FHA Loan Articles and Mortgage News

FHA Loans and FICO Scores

June 12, 2019 - FICO score issues are a common source of stress to potential FHA borrowers. Everyone wants to know if their FICO scores are high enough to qualify for an FHA mortgage. Is it possible to qualify for an FHA loan or refinance loan with credit scores from 500 to 579? Or are higher scores required?

Comparing FHA Refinance Loan Options

June 11, 2019 - The kind of FHA refinance loan you get will depend on what your financial needs and goals are; some borrowers want cash back, others need a lower mortgage payment, and some just want to get out of an adjustable rate mortgage into the predictability of a fixed-rate FHA mortgage.

The FHA Appraisal Rule You Need to Know

June 8, 2019 - The FHA and HUD warn consumers that the appraisal is not to be considered a home inspection. It’s true that you certainly could buy a home without having it inspected, and while you’re at it you could also buy a car without test-driving it first.

FHA Loan Rules for Taxes and Residency

June 6, 2019 - Did you know that the FHA home loan rulebook has guidance for lenders who aren’t sure whether FHA mortgages are available to those without U.S. citizenship? There are also rules that govern what is possible if you owe outstanding tax debt and related issues.

Home Loan Down Payment Do's and Don'ts

June 4, 2019 - Down payment assistance gift funds are not offered by the FHA and cannot be offered by the lender, but local agencies that meet FHA guidelines in this area may. You will need to search in your local area to learn what sources of down payment help might be open to you.

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!