FIRST TIME EVER! Books About HUD Homes for consumers and real estate agents. Two complete and authoritative resources in layman's terms about HUD Homes For Sale - explaining the process from start to finish, one step at a time. A newly published agent guide shows REALTORS how they can build a solid niche in the government homes market.
Compensating Factors - Getting an FHA Loan with Credit Problems
An FHA loan is a great way to approach financing when buyers have credit issues and other situations that make it difficult to obtain other types of financing. Here is a link to a chapter from HUD Homes for Sale, Confronting the Credit Gremlin, that was reprinted in RealTown.com.
It is advisable to approach any FHA loan with your best possible credit rating. If you have had credit problems in the past, the FHA recommends a Consumer Credit Counseling program to avoid being denied an FHA loan. A good credit counselor can talk to you about income-to-debt ratio, maintaining satisfactory payments and challenging errors on your credit report. The FHA recommends creating a satisfactory payment history for at least one year before applying for any FHA loan program.
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Sandy Romeo
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