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 is not sufficient, or have been turned down recently, we suggest beginning the process of repairing your credit.

There are many ways to go about improving your credit score. The first step is to ensure that all of your current bills are paid on time every month. You also want to limit the amount of times that your credit is pulled by creditors. Luckily, mortgage inquiries are treated a little differently, so they do not impact your credit as much as some others, like credit card inquiries. The other thing you want to do is make sure you are not using a high proportion of your credit card limits. For instance, if your limit is $5,000, you should keep your balance below about $2,500.

The other option to improve your credit is to remove the negative and incorrect items from your report. This is most successful when working with a credit repair company. 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. Once you have completed the repair program, your credit should allow you to be approved for FHA financing.

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