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FHA Credit -- Understanding what works

Piecing together your credit can sometimes be confusing. That's why you should always seek a qualified loan officer that is a FHA Expert.
In all honesty, credit is not as difficult as it may seem and FHA has made it easier for you to qualify for your dream home. There are just some important facts that the average consumer needs to know.
Several key facts :
You don't need credit scores. No minimum credit scores. Non-traditional credit can be used.  Very flexible on credit issues when it comes to collections, charge-offs, judgment, and even liens. What an underwriter looks for usually is good established credit in the last 12 months. This is not written in stone, but definitely helps. The beauty about FHA loans is the fact that your credit could be less than perfect less than 12 months while purchasing a house. It comes down to the reasons why and a make sense approach. We understand that things happen in life. But they do need to be documented.
 
 Great assets of a FHA mortgage and the credit requirements : 
A Chapter 7 bankruptcy (liquidation) needs to be 2 years old from date of discharge. Less than 2 years depending on extenuating ... more

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