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FHA Home Loans Bad Credit

Federal Housing Administration or FHA home loans are given for people who belong to the lower economic strata of the society. FHA home loans are present in the United States of America since 1934. They provide home loans to the first time home buyers as well as for buying homes more than once. People who have a good credit history are welcomed by the FHA home loans but it also welcomes those who have a bad credit. Having a bad credit is surely a black spot on a person but still that person can apply for a FHA housing loan. Along with the home finance, this person will also be eligible to enjoy a number of benefits like 3% less down payment, 100% financing etc.

FHA home loans bad credit factors

Each time a person approaches a lender to avail mortgage loans the credit history of the borrower is always checked to make sure if he is having any bad credit in the past. A person will be denied FHA home loans because of the following factors:
  1. Loss of Job
  2. Chances of a job transfer
  3. Borrower suffering from serious illness
  4. People suffering from bankruptcies in the current year
If we go in to a bit detail we would realize the exact reason of denial of home loans by FHA. If a person has lost his job then repayment of FHA loans will always be doubted by the loan lenders. If a person is getting transferred to another place then the home loan repayments also gets affected . So it is better to be sure that there is no chance of getting transferred before applying for FHA loans. If a borrower is suffering from serious illness, it becomes very difficult to find a lender who can lend a housing loan as its repayments are not certain. Bankruptcy of a person must be older than two years else, the loan will not be given.

To know more on FHA home loans bad credit factors, log on to their official website http://www.fha-home-loans.com/ .

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