2year credit history: FHA Guides for Buyers with No Credit History: PLEASE READ!
- 10/26/09 01:38 AM
Recently, I had a well qualified buyer with a great job, no debts, solid savings, and no credit history. This very responsible, hard-working individual had paid off her school loans and car. All that sounds fantastic, doesn't it? Yet, my buyer client encountered difficulty in obtaining an FHA loan, something which surfaced "in the eleventh hour" prior to settlement. Needless to say, the buyer had to switch lenders to find one willing to take a risk on her loan. This caused considerable stress and frustration to both the buyer and seller. Interest rates increased after the rate lock expired. The seller's new home (2 comments)
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