| One of the most attractive features of an FHA loan is | | | | that are "doing well" TODAY financially are not |
| that you need no specific FICO score to qualify for the | | | | penalized for negative credit in their past - FHA is a |
| program. | | | | forward thinking program. |
| This is great news for you if you are looking to buy a | | | | When you compare a FHA to a conventional loan this |
| new home or are wanting to refinance your current | | | | flexibility is amazing considering Low FICO scores |
| loan. | | | | virtually eliminate you from dealing with conventional |
| FHA lenders are very flexible regarding credit and look | | | | banks. |
| mainly at your overall credit worthiness. They will not | | | | But does this even matter? |
| evaluate each specific negative credit item that | | | | Probably not, because there is no advantage many |
| appears on your credit report but rather look at you | | | | times; Lately FHA loans are advertising very attractive |
| repayment trend over time. | | | | interest rates which are as low or even lower than |
| FHA guidelines allow 2 missed payments (auto, credit | | | | conventional 30 year fixed rates from the major |
| card, mortgage etc...) over the last 2 years as a | | | | banks. |
| requirement to qualify for a loan. | | | | So as long as you have a valid social security number, |
| This advantage really can help you get the home of | | | | are able to prove income (w2, 1099, tax return, pay |
| your dreams if your past credit history has been less | | | | stubs etc...), can establish yourself as credit worthy an |
| than spectacular but are now however more | | | | FHA loan and have a minimum of 3% down-payment |
| financially stable. Remember, negative credit usually | | | | an FHA loan is probably well within your reach. |
| effects your credit score for about 7 years. Families | | | | |