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.

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 30-90 days, and can have a significant impact on your credit score. The company we approve of is 2B Consulting. While 2B Consulting 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 for more information. 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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