About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

An interesting (though not completely accurate) article about FHA loans came out in the LA Times the other day. Here is an excerpt related to FHA accepting low credit scores:

The agency takes your credit history into account but is willing to consider “cry letters” explaining the negatives on your credit report, Lazerson said. If your credit woes were caused by reasonable, one-time events — such as a divorce, medical problem or a temporary job loss — it won’t necessarily disqualify a borrower, he said. However, people with recent bankruptcies or who can’t verify their incomes are unlikely to qualify for an FHA loan.

Comments (0) Posted by G.R.A. Admin on Saturday, March 22nd, 2008

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