How To Get Approved For An FHA Loan Despite Bad Credit
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Mortgage Lending El Paso TX
100 N Stanton St #506, El Paso,TX 79901 Phone:(866) 717-9695 |
One of the biggest institution that insures mortgages that are approved by the US federal government is Federal Housing Agency. Due to the strictness of lenders when offering their conventional mortgages, FHA loans are meant to enable many people access the mortgage market and buy loans for their homes. Lenders regard poorly scored borrowers as risky and charge them exorbitant interest rate when they borrow from them. in case you are intending to buy a mortgage and you have poor FICO scores, it is advisable to take time and improve your score and then approach an approved lender for Texas FHA guidelines. The main aim of FHA loans is to enable many people access the mortgage and own their homes. The main feature of FHA mortgage is that it enables people with poor scores and a bad credit history to access a mortgage facility. Before you buy the mortgage, you are required to put down 3.5% of the total amount to be borrowed.
How to get FHA loan after a period of bad score In case you have a poor credit history, you are highly likely to be denied a mortgage facility. However, some institutions may decide to take a risk and sell the mortgage to you but at a very high rate. Such companies will require that you put a huge amount down. This is contrary to FHA loans that look at your job history but not the credit one. Having a bad history of credit score will negatively affect your mortgage application. Furthermore, with FHA mortgages, you are eligible to apply after a period of bankruptcy and foreclosure. Bankruptcy In case you are in a bankruptcy situation, you qualify for an FHA mortgage two years after the discharge period has passed. However, you need to show a good payment history from the discharge period. Foreclosure status In case you foreclose your mortgage, you are still allowed to borrow an top FHA loan Texas. However, the main condition is that you must wait till 2 to 3 years are over before you qualify for the mortgage. You will have to write and explain why you were in foreclosure situation. Late payments People may make late payment due to various reasons. These would include sickiness or job loss. When you make late payment, your credit history is negatively affected. FHA loans do not disqualify you as a result of poor credit history. You need to show high commitment in paying the amount after improvement of your situation. Liens If you have not cleared your federal student loan, you are not eligible for an FHA mortgage. strategies of improving credit scores
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