10 Must-Know Factors about FHA Loans By: Greg McKinney Mineola Texas FHA loans are a great loan for first-time homebuyers and even those that already owned a home before. They don’t require perfect credit and have other forgiving qualifying requirements that make it an easier loan to obtain. If you’re thinking about buying a house and are considering FHA financing , here’s everything you must know. 1. You can have a credit score as low as 580 FHA loans don’t require great credit. Unlike conventional loans which require a 660 or higher score, you can get approved with a credit score as low as 580. This falls under the ‘fair’ category in the credit tiers, which for most lenders would be a reason to decline your application, but FHA loans allow it. 2. You can get an FHA loan with a 500-credit score and a 10% down payment Here’s even better news. If you have a lower credit score but have a large down payment, you might get approved for FHA financing.
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7 Ways to Improve your Credit Score By Greg McKinney Mineola Texas A good credit score gets you far in life. Whether you’re applying for a new job, applying for new credit, or need to start new utilities or insurance, your credit score is a factor. You can get access to your credit score from most banks and credit card companies. Most financial institutions offer free access if you activate the program. The credit score may not be exactly what other lenders see, but you’ll get an idea of where your credit stands. If you find out that you don’t have great credit, it’s easy to improve it with these simple steps. 1. Check your credit report often Everyone gets free access to their credit report here . Since the pandemic, they’ve allowed free weekly access to your credit report. You may not have to check it quite that often but set regular intervals to pull your credit reports and check the information. Each credit bureau (TransUnion, Equifax, and Experian) has a di