January 3, 2012
We get many reader comments and questions about qualifying for FHA guaranteed home loans. Borrowers new to the home buying process are often concerned that they may not qualify for an FHA mortgage loan because of student loans, past mistakes with credit or other factors.
While the FHA does have rules and regulations concerning these areas, borrowers should know that the rules can be more forgiving than some might assume. In its instructions to lenders in HUD 4155.1, FHA loan rules state:
“Past credit performance is the most useful guide to
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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