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FHA Loan Tips for Improving Credit

Track Your Credit Score and Stay on Top of Problems

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:

FHA Loan Articles

The new HUD 4000.1 handbook includes new rules about existing policy, revised language for some loan rules, and other changes. Has qualifying for an FHA mortgage under the new rulebook changed?

There are many myths people have about FHA home loans. One is the nature of the required FHA mortgage down payment or maximum financing available. The borrower is required to make a minimum down payment on all new purchase FHA mortgage loans (3.5%).

Some wonder: does being a co-signer on someone else s financial obligation might affect an applicant s chances for FHA loan approval? Does being a co-signer have any influence on how the lender views your credit or debt-to-income ratio?

It can be easy to get confused over the difference between lender requirements and FHA refinance loan standards–did you know that FHA loan rules for Streamline Refinancing permit the lender to require things the FHA rules don t insist upon?

In April 2015, the FHA and HUD changed some of its policies in order to help FHA borrowers avoid foreclosure and keep their homes. No FHA loan applicant goes into the home loan or refinance loan process expecting to default on their mortgage payments sometime in the future.