Credit
Credit is a key player to your loan approval. It doesn't have to be perfect, only a 620
credit score is needed for an FHA203K loan.
If you don't know your Credit Score you have a few options:
a) Contact an Approved FHA Lender
b) Get your FREE Annual Credit Report Click Here
Below are important facts about credit:
If any of these apply to you, contact an Approved FHA Lender and then you will be able
to determine if you can:
Credit is a key player to your loan approval. It doesn't have to be perfect, only a 620
credit score is needed for an FHA203K loan.
If you don't know your Credit Score you have a few options:
a) Contact an Approved FHA Lender
b) Get your FREE Annual Credit Report Click Here
Below are important facts about credit:
- 1. There are 3 major credit bureaus.
a)Transunion (800) 685-1111
b)Equifax (888) 397-3742
c)Experian (800) 888-4213
2. Your "Credit Score" is a number from 300-850
a) Mortgage Lenders look at the numerical middle score as your
"Credit Score" for example: 570, 595, 585 where 585 is your middle score
because it is higher than 570 and lower than 595
3. If you would like to increase your Credit Score you can leverage a
Credit Analyzer via an Approved FHA Lender
a) Credit Analyzer examples:101 Points 61 Points 41 points 6 points
4. Do you have Major Credit Issues such as those listed below?
If any of these apply to you, contact an Approved FHA Lender and then you will be able
to determine if you can:
- a) Address the issue yourself
b) Hire professional credit help such as Credit Builders
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a) Have you filed for Chapter 7 or Chapter 13 bankruptcy in the past two years?
c) Are you currently delinquent on Federal debts such as Department of
Education student loans?
d) Do you currently have any outstanding judgments or collections?
e) Are you currently late on your rent or mortgage? Have you been late in
the past 12 months?
f) Are you currently late on credit cards, car loans or other payments?
Have you been late in past 12 months?
a) Have you filed for Chapter 7 or Chapter 13 bankruptcy in the past
two years?
c) Are you currently delinquent on Federal debts such as Department of
Education student loans?
d) Do you currently have any outstanding judgments or collections?
e) Are you currently late on your rent or mortgage? Have you been late in
the past 12 months?
f) Are you currently late on credit cards, car loans or other payments?
Have you been late in past 12 months?
a) Have you filed for Chapter 7 or Chapter 13 bankruptcy in the past
two years?
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