A FHA loan is a loan by a bank that is insured by FHA and to FHA guidelines. It is a great loan for first time home buyers, buyers with bruised credit, and buyers with higher debt ratios. What is a FHA loan?FHA underwriting guidelines allow home buyers …
So you want to know what are debt ratios? It is a formula that the bank uses to loan money. The bank uses two debt ratios. A “front end” and a “back end” debt ratio. The bank is looking for what they …
New FHA rules coming FHA said it is trying to better position itself to “manage its risk while continuing to support the nation’s housing market”. One widely speculated change wasn’t made — the increase of the FHA minimum down …
Credit repair This week I had four different people get denied for home purchase loans. A few years back in 2004 some of these Michigan home buyers would have gotten …
2 ways to raise your credit score Here are two ways to raise your credit score. 1.) Pay down your balances. Part of the credit score formula is based on how much you owe versus how high your limit. If you …