An FHA lender such as Desert Springs Mortgage, LLC, will review your credit history while processing your loan. An impressive track record of timely loan payments will make you qualify for the loan. Here are some of the things that will affect your FHA loan eligibility. Information can be found here.
No Credit History
If you don’t have a good credit history; or have not been using traditional credit, your lender will get a non-traditional merged credit report or create a credit history using other means. See here for information about FHA Loan Requirement.
Bankruptcy doesn’t disqualify you from getting an FHA loan. However, at least 2 years must have ended, and the borrower has re-established a perfect credit or decided not to incur more credit obligations.
Late Loan Payments
It’s good to apply for an FHA loan when you have a solid one year of timely payments for your financial obligations.
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Previous foreclosure might not be an obstacle to obtaining an FHA loan, but it will depend on the circumstance.
Federal Debt, Collections and Judgments
Typically, FHA insured loan rules require the FHA approved lender to define that judgments are resolved or paid back before or at closing.