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To be eligible for a FHA loan you must have at least two lines of credit,
such as rent history, or utility or cell phone bills. In some cases, the FHA
may accept other forms of credit that do not appear on your credit history.
If
you do not have a credit history, it is to your benefit to establish some
type
of credit and make the payments on time. This will improve your credit
score
and show a history of timely payments that the FHA needs to approve
you for a
loan. |
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If you have a history of late payments, the FHA may overlook them. To
qualify
for a FHA loan you must have an overall on-time payment history. The
FHA understands that sometimes financial difficulties occur and may overlook
a
period of late payments on your credit history as long as your overall
payment
history is consistent. |
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In most cases you can not get a FHA loan if you have had a foreclosure
within
the last three years. The FHA will look at the circumstances
surrounding the foreclosure and then decide if you are eligible for a loan. |
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| • |
If you have any delinquent federal debt such as student loans or tax
liens,
you are not eligible for a FHA loan. |
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|
| • |
If you have judgments against you, you still may be eligible for a FHA
loan
if the judgments are paid before closing. |
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|
| • |
If you have items that are in collections, you still may still be eligible
for a
FHA loan if your credit history meets FHA requirements. |
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| • |
If you have filed for a Chapter 7 bankruptcy, you still may qualify for a
FHA loan if the bankruptcy has been discharged for a minimum of two years,
you
have stable employment, and you have re-established good credit. If
you are
married, these conditions also apply to your spouse. |
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| • |
If you have filed for a Chapter 13 bankruptcy, you must have made your
payments on time and adhered to a payment plan for at least one full year to
qualify for a FHA loan. You must re-establish your credit and be in good
standing. You must also have a stable job and be able to make the payments
on
the amount of the loan for which you apply. You will also need written
approval from the bankruptcy court trustee, and you must submit a written
explanation of why the bankruptcy occurred with your loan application. |
