Getting a mortgage without a credit score used to be nearly impossible, but new guilending guidelines adopted by Freddie Mac and Fannie Mae can allow borrowers to qualify based on alternative criteria such as rent and utility payments.
A missed credit-card payment two years before you want to buy a home? It can scuttle your chances to qualify for a mortgage.And that's just one example.Homebuyers have the opportunity to make plenty of mistakes before they even begin to shop for a mortgage lender.
Your neighbor has refinanced her mortgage loan.Your son, too.Your co-worker two cubicles over has done the same.But you haven't.Why not? It's still not too late to save hundreds of dollars on your mortgage payment each month by refinancing.
FHA mortgages can be a real boon for first-time homebuyers.With low down payments and relaxed credit requirements, they can make home ownership possible for many who otherwise might not be able to qualify for a mortgage.
In January when President Obama announced[https://www.whitehouse.gov/the-press-office/2015/01/07/fact-sheet-making-homeownership-more-accessible-and-sustainable] a reduction in Federal Housing Administration mortgage insurance premiums that would save new borrowers an average of $900 annually, an FHA[https://www.mortgageloan.com/fha] mortgage once again looked like a great deal.