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Credit challenged? Trying to obtain a mortgage? Try these tips for FHA financing!
 Have you had credit challenges in the past?  Are you trying to obtain FHA financing. FHA uses common sense underwriting.  They realize that bad things happen to good people.  As one of my previous managers put it:  Look at your loan like a court case.  Your loan officer is your attorney.  The underwriter is the judge.  Your loan file is your evidence. Your loan file needs to be well documented to make the underwriter (judge) understand what happened to you in the past.  
 With that said, you would not go to court unprepared, correct?  So, it is well worth your time to prepare for your mortgage process as much as you can, before you contact your chosen lender.  This will make the process much smoother and a lot less stressful.  
 Here are some helpful tips to prepare you for applying for your FHA mortgage.  
Know your credit profile.  How has your credit looked in the last 12-24 months?  Have you had any late/slow pays?  FHA typically does not like to see any late/slow pays in the last 12-24 months.  If you have some, write a letter to explain in detail what the circumstances were that led to your credit challenges.  (i.e ... more

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