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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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January 21, 2019
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FHA Loan Tips for Improving Credit

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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.

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FHA Loan Articles and Mortgage News

First Time Home Buyer Loan Options - FHA, VA, and USDA

December 26, 2018 - Some first-time home buyers want to know why they should apply for an FHA mortgage when 100 percent VA mortgages and no-money-down USDA loan are available. The reason borrowers often choose FHA over these other home loan programs has much to do with eligibility for the individual type of loan.

FHA Cash Out Refinance Loans and Holiday Debt

December 21, 2018 - There are two things to consider about holiday debt when you are considering your home loan refinance options. One is that for any FHA refinance loan that requires a credit check, your debt ratio will be an important factor in loan approval.

FHA Loan Rules for Earnest Money

December 19, 2018 - FHA loan rules are designed to insure that a borrower’s down payment funds come from an approved source and are not provided via non-collateralized loans, or from sources that have a financial interest in the completion of the transaction.

FHA Loan Down Payment Issues You Need to Know

December 17, 2018 - The down payment on a home loan is one of the big expenses borrowers worry about in the planning stages of the mortgage process. What do borrowers need to know about down payments and FHA home loans?

Buy or Rent? FHA Loans Make Owning More Affordable

December 16, 2018 - Should you buy or rent a home? When you examine the benefits of owning real estate, it becomes clear that the answer to this question seriously depends on a borrower’s financial needs at the time of purchase or rental as well as long-term financial goals.

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!