If you are planning on buying a new home or refinancing with an FHA mortgage, it’s going to get tougher if you have bad credit. In a few months, FHA will not let people with credit scores of less than 580 buy a home with only 3.5% down.You’ll have to come up with at least ten percent! Continue reading ‘Bad Credit? Clean it Up or Start Saving’
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Loading ...It looks like FHA is planning to beef up its falling reserves by requiring borrowers to come up with a bigger down payment. Can you see your home ownership dream fading away? Well, don’t let it! Yes, FHA is likely to require 5% down instead of 3.5% in the near future. HUD Secretary Shaun Donovon says that’s a virtual certainty. But what about deserving sorts who really need some help? What if you know you could pay your mortgage but could never save a down payment while paying rent and other obligations? Is there hope for you? Continue reading ‘FHA Mortgages: Is My Down Payment Going to Increase?’
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Gina Pogol writes for an online media company about mortgage and finance. In addition to a decade in mortgage lending, she formerly consulted for Experian and other credit bureaus, and worked as a tax accountant for Deloitte. She has a BS in Financial Management from the University of Nevada.
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