If you Facts Pertaining to Bankruptcy Credit Reports less than perfect Bad Credit Tenant Loans - Manage Your Debts or no traditional credit you may be in luck due to easy FHA loan qualifications.
Easy FHA Loan Qualifications With No Credit Fast Loans for Unemployed Bad Credit
FHA will assess your Personal Loans With Guaranteed Approval recent payback status Adjustable Mortgage Secrets Revealed current lenders as well your current debt-to-income ratio giving borrowers a chance to purchase or refinance a home.
FHA loan qualification guidelines are perhaps the most lenient in the mortgage world because they do not use FICO scores exclusively to assess your risk as a borrower.
Many With Low FICO Scores Qualify Home Mortgage Application Process FHA Loans
If you fall into one of these categories you should definitely consider an FHA loan.
Non Traditional Credit Qualifies
Why?
So if you thought that your bad credit or non credit disqualified you from purchasing a home - think again - an FHA loan may be the answer.
FHA's philosophy is that the majority of borrowers overcome these financial setbacks. You are truly NOT the high risk your FICO score indicates; even though your credit score may indicate sub-prime status.
What if you have no established credit? You may have never used credit cards, had a car loan, student loan, or mortgage. These are considered traditional means of credit which are recorded with the 3 major credit bureaus.
FHA makes it's decision on whether or not to grant you a loan Mortgage Foreclosure - Escape the Nightmare of Foreclosure on your total credit profile. For example, your credit score may have taken a dip because of some isolated events in the past, job lay-off, illness, divorce etc...Fortunately FHA lenders look at your bill paying history over the last 2 years to determine if you qualify or not, your low FICO score will not disqualify you from receiving an FHA loan.
- Considering a home purchase with less than perfect credit
- Considering a home refinance with less than perfect credit
- Considering buying a home but have not established traditional credit.
- Currently in an ARM loan that is due to reset - and have less than perfect credit
FHA Looks at Overall Credit Profile
Reuters - Financing is getting pricier and more elusive for companies that file for bankruptcy.
