What Does FHA Mean for Me?

FHA believes that a person’s credit is a reflection of their attitude on paying bills.  While many families have experience hardship, they would expect that consumers are proactive and take the correct measures necessary to ensure that this doesn’t happen again.   FHA does give more leeway on past derogatory credit, but they will pay very close attention to what you have been doing over the past 12 months.  In addition, for past derogatory debt they want reasonable explanations for those faulty pay histories, and it’s best to make note of them as you go along.  It never hurts to keep record of anything.  The more notes you can make on something, the better off you are. 

The underwriting process is a process used as checks and balances for all loans.  Underwriters examine all the documents thoroughly to account for income and bank deposit consistencies.  They double check title transfers and records, and verify employment; so, all of these things are completely normal.  Don’t ever take it personal, so anything you are asked for is just to help in the process.  The faster we get documentation, the sooner you can close your loan!

Before you apply for a loan, make a list of the things you think you will need and the things you are not sure of.  It is better to ask then not know at all.  No question is a stupid question; I am here to help you.