Fha Loans for Bad Credit

FHA LOANS FOR BAD CREDIT Whether or not you think the federal government is an evil empire, you might need Uncle Sam’s help to get a mortgage loan, especially if you have a poor credit history. In the aftermath of the sub-prime mortgage meltdown,... More

FHA LOANS FOR BAD CREDIT Whether or not you think the federal government is an evil empire, you might need Uncle Sam’s help to get a mortgage loan, especially if you have a poor credit history. In the aftermath of the sub-prime mortgage meltdown, thousands of prospective homeowners are turning to the Federal Housing Administration (FHA) for help, as lenders who previously worked with people that had bad credit have closed their doors, been absorbed by other banks or pulled out of the mortgage lending industry altogether. FHA loans for bad credit still exist, fortunately. Even if you have a poor credit score, you should still apply for an FHA loan and see what happens. Most FHA loans for bad credit can be secured by people with a credit score as low as 580. In cases such as this, the FHA requires up to 10% of the loan to be included in a down payment. It’s good to know that credit scores are only part of the equation that the FHA uses in its formula for mortgage Less