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Qualify For An FHA Loan - FICO Score Not A Big Deal


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One of the most attractive features of an FHA loan is that you need no specific FICO score to qualify for the program.

This is great news for you if you are looking to buy a new home or are wanting to refinance your current loan.

FHA lenders are very flexible regarding credit and look mainly at your overall credit worthiness. They will not evaluate each specific negative credit item that appears on your credit report but rather look at you repayment trend over time.

FHA guidelines allow 2 missed payments (auto, credit card, mortgage etc. . . ) over the last 2 years as a requirement to qualify for a loan.

This advantage really can help you get the home of your dreams if your past credit history has been less than spectacular but are now however more financially stable. Remember, negative credit usually effects your credit score for about 7 years. Families that are “doing well" TODAY financially are not penalized for negative credit in their past - FHA is a forward thinking program.

When you compare a FHA to a conventional loan this flexibility is amazing considering Low FICO scores virtually eliminate you from dealing with conventional banks.

But does this even matter?

Probably not, because there is no advantage many times; Lately FHA loans are advertising very attractive interest rates which are as low or even lower than conventional 30 year fixed rates from the major banks.

So as long as you have a valid social security number, are able to prove income (w2, 1099, tax return, pay stubs etc. . . ), can establish yourself as credit worthy an FHA loan and have a minimum of 3% down-payment an FHA loan is probably well within your reach.

Hard working families that may have damaged credit and very little down payment can still experience the joy of home ownership with an FHA loan. Qualifying is much easier than you may think - visit: FHA loan credit requirements


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