www.MortgageHelpLosAngeles.com. Before sub-prime mortgages, where consumers interested in getting reasonable interest rates on loans with small down payments, marginal credit scores, and high payment to income ratios were able to get funding, there was the FHA. The FHA was set up to help those with more difficult loans get insurance for the payments, so that lenders would be willing to fund the loans. Bill Rayman is a very successful Los Angeles Based Mortgage Broker who can help you find the perfect approach to maximizing your goals in home purchases, refinances, or investments in property. This video explains the details of FHA financing. To reach Bill Rayman, call him at 310-295-2900 ext 113. Visit his blog at www.mortgagelosangeles.blogspot.com
mortgageapproved.blogspot.com Los Angeles Mortgage Broker Explains FHA Financing
FHA financing is an ideal way for people and families who wish to purchase a home without down payment or deposit and with an encouraging mortgagee financing terms. However, it is necessary to think about your credit history prior to your FHA application. Before you apply for a FHA home financing, the FHA will check your credit history for any possible hindrances that might cause your application to be rejected.
Some of the requirements in order to achieve FHA loan approval include the following:
- In order to qualify for the FHY mortgage, you should be able to provide any two credit lines like utility bills, rent payments, or cell phone bills. In some circumstances, the FHA allows other types of credit that is not visible on your credit history. It's your part to establish some sort of credit and make punctual payments. This will enhance your credit rating and will demonstrate a history of on time payments that the FHA will require to approve a loan.
- If you have late payment history, the FHA may deal with them.
In order to be eligible for a FHA financing you should establish a general prompt payment history. The FHA understand though that sometime financial difficulties may be present and may ignore an episode of delayed payments on your credit history provided that your general payment history is reliable.- In most situations you cannot acquire FHA financing especially if you had a foreclosure for the past three years. The FHA will consider the status involving the foreclosure and then later they will decide if you've been approved for the loan or otherwise.
- If there was a judgment against you, you may still qualify for the FHA financing program provided that you have already paid the judgment before its closes.
- If you have collection, you may still attain FHA loan approval especially if your credit rating meets the requirements of the FHA.
- If you've filed for Chapter7 bankruptcy, you might still be eligible for the FHA financing particularly if the bankruptcy has been released for least two years and you already have a dependable occupation and have re-established a good credit rating.
If you are a couple, the conditions may also apply to your other half.- If it's Chapter 13 bankruptcy you have filed for, you should ensure to make on time payments and hold on to a payment plan for about a year to be eligible for the FHA loan. You should re-establish your good credit and be able to attain good status. Also, you must should have a reliable job and have the ability to pay the cost of loan you are applying for. In addition, you need to obtain a written approval from the bankruptcy court trustee and submit a letter of explanation of the cause of bankruptcy.
Following of all of these requirements, you are sure to have your FHA loan application approved in no due time. All of these things are need as FHA wants to make sure that their borrowers are able to pay back so that they can still help others who are in need to get their dream houses.
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