Having a good credit rating can affect your ability to borrow money, even when it comes to FHA. FHA has a stigma attached to it that sounds as though anyone can qualify. This isn’t true, and in fact they are looking at your credit closely, but their method is a little different.
FHA uses what is called “commonsense underwriting”, so they won’t hold your past against you completely. FHA bankruptcy rules are stringent, meaning you can’t have a bankruptcy on credit within the past two years. FHA bankruptcy guidelines state that if you have been in a chapter 13 for one year and have made on time payments then they will consider giving you a loan.
When deciding that you want to buy a home or refinance, you need an FHA expert to guide you through the process. I am an expert, and I can help. You can learn more by going to my website, www.fhaloansnow.net.
-Mayer Dallal
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