Current home owners needing to refinance and first time home buyers can qualify for a FHA home loan quite easily if certain requirements are met. Although FHA generally looks at the overall credit profile and not just credit score there are still some basic requirements a borrower has to meet. One of the most important is the mortgage has to have been paid on time for the last 12 months.To qualify for a FHA home loan, the property must pass certain FHA inspections.
FHA loans also allow for a non-occupant co-borrower to help you qualify for a loan. You can qualify using the co-signer's income if your income is hard to document.
Borrowers who do not qualify for FHA mortgages financing may be qualified for other programs which offer similar benefits to FHA loan programs. For more information, contact a financing advisor at 888-275-6788 or via email at info@bestnodocloans.com
FHA loans can qualify a borrower with little or no credit history as well by using alternative credit. This can be done by supplying 4 types of monthly bills paid on time for one year. Examples of alternative credit include: rental history, electric bill, cable bill, cell phone bill, or any other type of account that is paid monthly.
