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anybody know about fha loans?
i'm looking for information on fha loans, i heard that they don't consider your credit score for an fha loan is that true thanks
- golferwhoworksLv 71 decade agoFavorite Answer
FHA doesn't but almost all lenders that insure with FHA do. Now with that having been said you have little chance if your scores are below 580 and even smaller chance if below 500. You could be better off with no scores at all and submitting alternative trade lines such as rent and utility bills as proof of willingness to repay. Other than that you must have at least 1 year of clean paid as agreed credit and no high open collection accounts and 2 years past a bankruptcy and no open judgments
I am a mortgage banker in TN & KY
I hope this helps
- 1 decade ago
I am a mortgage broker in NJ and FHA loans do consider your credit score but they are much more lenient than Traditional banks. You will have no problem getting an FHA loan if your score is over 550. Also, there are many programs that help you raise your credit score.