The Real Score withFHA Credit Score

580 and above

between 500 and 579

below 500

lower down payment as low as 3.5%

down payments may be as high as 10%

not qualified for an FHA loan

WHAT'S YOUR CREDIT SCORE?

Improving thatCredit Score

Credit scores aregenerally based onpayment history,

debt burden, credithistory length or

time in file and creditinquiries.

If you are interested in takingout a loan with the FHA,revisiting and clearing up your“bad” credit history is the bestway to go.

Improving that Credit ScoreCollect Credit Reports

You can request a copy of your owncredit report from the big threenational credit bureaus —TransUnion, Experian, and Equifaxonce a year.

It will help you monitor your creditstanding and detect fraudulentactivity or identity theft.

Improving that Credit ScoreCorrect the Inaccuracies

Report any discrepancy orinaccuracy found in your creditreport without delay.

Be ready to submit additionalrecords or evidence to support yourclaim/dispute.

Improving that Credit ScoreSeek for Counseling

If you have credit woes, it is wise toconsult with a credit counselor tohelp you out with your situation.

Undergoing a Consumer CreditCounseling program will also helpyou restructure, reduce or manageyour debts.

Improving that Credit ScoreCredit “Re-establishment”

You can still get back on track byre-establishing a good paymenthistory and developing habits thatwill increase your credit score. Payyour debts on time, get your creditreports when available and talk toa reliable debt counselor, the listgoes on.

CLICK HERETO LEARN MORE

INFORMATION ORIGINALLY PUBLISHED JUNE/2/2016

INFORMATION PROVIDED BY:

JUSTIN MCHOODHe is Americas MortgageCommentator and has beenproviding Mortgage commentary forover 10 years.

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