What Is The Importance Of Credit When You Apply For An FHA Loan?

SELF EMPLOYED MORTGAGE LENDERS QUESTIONS AND ANSWERSCategory: FHA QuestionsWhat Is The Importance Of Credit When You Apply For An FHA Loan?
Thomas Martin Staff asked 5 years ago

The FHA loan program focuses on credit quality that is traditionally factored based upon the most recent 12 month period. Underwriters are not overly concerned about late payments which occurred 18, 24 or 36 months ago, though letters of explanation are required. They are concerned about whether the loan makes sense and you have addressed whatever issues may have arisen to create past credit problems.

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