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Mortgage and Refinance Information |
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FHA Mortgage: Whats the Best Way to Show an Underwriter that Youre Ready to Buy a House?
Mortgage underwriters can be a suspicious bunch. If you have bruised or even bad credit, you have your work cut out for you. Many loan programs have guidelines that set a minimum FICO score of 620. FHA does not allow lenders to reject a loan based solely on FICO scores, but if yours is less than 620, there are probably other reasons the underwriter will find in your file to say no. How do you prove to the underwriter that you're ready to buy a house?
And now, what's the number one way to prove to an underwriter that you are ready and able to afford your first house? There are four steps:
Judi Moore authors Ask The Underwriter at 2rHouse.org and personally answers questions from readers about FHA mortgages and mortgage advice in general.
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