How to get approved on FHA with little credit?
First time buyer and need lowest down payment option so i heard that is FHA. But I do not have much credit at all and no other loans out (never went to college and bought car used with cash). If I open a second credit card ghow long until I may qualify for a mortgage? So far I'm getting a lot of nos despite strong score. by tlyon7843258 from Garfield, New Jersey. Sep 9th 2014
Tim Miller (tmiller)
#88 ranked lender in New Jersey - 4 contributions
I am a little confused upon your situation. FHA is not based on the amount of credit you have. There are ways that our company can get you approved. Please call me.Tim MillerAdvisors Mortgage Group LLCNMLS# 132510609-352-5367
Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions
They are loans that use alternative credit, call some one from our panel or a local mortgage broker and get more details...good luck
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
You can use alternative credit with FHA, but it is easier to qualify if you have more credit. Opening a secured credit card should boost your score but likely will take 6+ months and it also depends on what else is your credit is showing during that period. I posted a blog here a while back: First Steps that might give you other ideas. If you are ready to apply, there may be other ways to make it work without waiting for the effect of another credit card.
Edward Fallon (edfallon)
#89 ranked lender in Pennsylvania - 143 contributions
There may be some other things you can do to be qualified for a mortgage now. Please contact me through my profile and I can review your situation and let you know what steps you will need to take.
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