If you have had credit issues in the past, or are currently delinquent due to an adjustable loan, an FHA loan may be the answer.

FHA understands that things can happen. If you have had credit problems, but have been on time on your bills for the past 12 months, an FHA loan may be the answer. You can even have had a bankruptcy in the past. Chapter 7 bankruptcies must have been discharged at least 2 years ago (1 year with extenuating circumstances), and Chapter 13 bankruptcies require at least 12 months of on time plan payments and trustee approval.

If you are currently delinquent on your mortgage due to an ARM rate reset, you may be eligible for FHA’s new FHASecure program. This program is even available if you are currently in foreclosure. See the FHASecure loan page for details.

However, if you feel that your credit will not qualify currently for an FHA loan, or you want to work to improve it, you can work with a credit repair company. They can work with you to try to remove incorrect items that are negatively impacting your score. These programs generally take between 45-90 days, and can have a significant impact on your credit score. The company we approve of is Lexington Law. While Lexington Law does charge a fee for their service, the amount you will save in interest over the life of your mortgage, car loans, and credit cards vastly outweighs this fee. You can visit them here to sign up. If you do sign up, please let your FHA Specialist know that you are working with them to improve your credit.

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