The Federal Housing Administration was created during the Great Depression to help stimulate homeownership in America. Since then the government has helped borrowers get a second chance because the FHA loan is for people with bad credit. Many applicants have been declined from traditional loan companies because they do not have credit scores that meet the lender requirements for home buying or refinancing. Bad credit FHA loans remain one of the last lending opportunities for people with less than perfect credit. If you have had late payments or past due notices reported to the credit bureaus, we suggest considering a FHA loan for with bad credit scores. BCLML offers a free service that matches FHA lenders with people that have bad credit.
The timing may be right for you to qualify for FHA financing, even if you have poor credit history. The government has kept their commitment to rebuild the housing market. Even though the average fico score is lower during the recession, Congress has approved bad credit FHA home loan programs for American consumers that deserve a second chance. The Department of Housing and Urban Development recent just changed the requirement from 36 to 12 months for consumers to apply for FHA mortgages after a bankruptcy, foreclosure or short sale. This is proof positive that the government continues to provide FHA loans for poor credit.
In a recent interview, HUD secretary said the FHA loan performance was faltering and raising the insurance premium is the best way get the insurance fund back to the 2% capital level "by 2014 or sooner." Finding a FHA home loan for bad credit has been important as millions of consumers have seen the credit scores fall below the 620 threshold. The Federal Housing Administration has the ability to approve purchase and refinance transactions for borrowers with credit scores as low as 500.
Maybe you lost your job and fell behind on some bills? Maybe you were injured and medical collections brought your credit score below the comfort level of banks. We can connect you with a network of bad credit FHA lenders that offer competitive loan programs.
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