FHA loans are not the only product available, but I do believe that they are the best product available. They offer low rates, and FHA programs are based on the principle of common sense underwriting. This means that although you may have had problems in the past with credit or collections, they won’t always hold that against you.
There are some rules to everything, and rightfully so. This is just a part of life, and for every action there is a consequence. If we choose to shop and live by credit cards, then we will reap the benefits of having too much debt which can hurt your debt to income ratio when you are trying to get qualified. FHA may make some very small exceptions, but again, there are many factors that they look at. Assets are a good cushion for you, money in the bank, and if you do have some hairy past credit letters of explanation will be requested. Just keep in mind that all of this is to help you, not hurt you. I want to see families get into loans, and I want to see loans help families to move forward not backwards.
FHA itself is the best option out there for buying or refinancing. FHA can help grant some possibilities that otherwise wouldn’t have been possible. For more information on FHA guidelines and how you can get qualified today, go to www.fhaloansnow.net. Help is just a mouse click away.
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