FHA keys to success include some things that I believe are important, so I just wanted to share my thoughts on this. These things just make good sense, but these things will not just bring you success with FHA, but they will provide you success in your everyday life.
Saving money is a big one. If you don’t start today, you never will. We find all kinds of reasons why we don’t believe we need to hurry up and save. We blame the banks and we blame others for our problems, but you should pay yourself first so this is for sure a part of the FHA keys to success in my book. This will not just provide you with an emergency fund, but it will help you work toward your down payment needed for an FHA loan.
Getting copies of your credit reports from all three bureaus is also one of the FHA keys to success. Knowing what is on your credit, and whether or not it’s accurate is critical otherwise you can’t change it. Get to the heart of the matter, and make sure that anything that is outstanding is paid off, and don’t waste time. Your credit is everything, so take care of it.
Taking the time to correct errors on the credit report is also a major step to FHA keys to success. If you see an error, don’t let it go and try to keep documentation of when payments were made because this is extremely helpful when proving that a late payment didn’t exist. Checking your FICO score can be helpful too, so be sure to tap into all the resources you can.
For more information and my tips on having success with FHA and other areas of your finances, go to www.fhaloansnow.net. I am just an email or a phone call away!
-Mayer Dallal
Showing posts with label fha limits. Show all posts
Showing posts with label fha limits. Show all posts
Sunday, June 20, 2010
Saturday, June 12, 2010
FHA Eligibility Requirements are Important
FHA eligibility requirements are important for you to know. I hear clients talk about wanting to go FHA because they have had credit problems, but don’t be so quick to jump on the FHA bandwagon if your credit is bad.
It’s a misnomer that FHA loans are for those with bad credit, but they aren’t. FHA is an option that engages in what we call commonsense underwriting. FHA eligibility requirements don’t allow for credit that is in the trash heap, but they won’t really hold the past against you either.
FHA eligibility requirements are going to hold your credit score as somewhat important. FHA is looking for a score of at least 620 for you to do a purchase with just 3.5% down, but keep in mind that although they say yes, the lender may still say no.
FHA eligibility requirements are not the end of the road, for many lenders they are just the beginning. While many lenders encourage you to go FHA, they play by their rules, and with all of the defaults they aren’t so quick to have you sign the papers just because you can.
For more information on FHA eligibility requirements, go to http://www.fhaloansnow.net/ .
-Mayer Dallal
It’s a misnomer that FHA loans are for those with bad credit, but they aren’t. FHA is an option that engages in what we call commonsense underwriting. FHA eligibility requirements don’t allow for credit that is in the trash heap, but they won’t really hold the past against you either.
FHA eligibility requirements are going to hold your credit score as somewhat important. FHA is looking for a score of at least 620 for you to do a purchase with just 3.5% down, but keep in mind that although they say yes, the lender may still say no.
FHA eligibility requirements are not the end of the road, for many lenders they are just the beginning. While many lenders encourage you to go FHA, they play by their rules, and with all of the defaults they aren’t so quick to have you sign the papers just because you can.
For more information on FHA eligibility requirements, go to http://www.fhaloansnow.net/ .
-Mayer Dallal
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