| The government, after being in the people | | | | let's cover the requirements to get approved |
| business for decades, has taken a realistic | | | | for a loan.Under government guidelines you |
| attitude towards average people with credit | | | | must have at least one (1) year of on time |
| issues. You are not the only one to have lost | | | | bill payments. This means paying every bill |
| a job, gone through a divorce or had medical | | | | that is reported on your credit report. NO |
| trauma in your life. When these things happen | | | | EXCEPTIONS! If you cannot do this, you most |
| something has to give.I can understand when | | | | certainly are going to have a difficult time |
| average people take their paycheck home and | | | | convincing an underwriter that you have the |
| try to figure out what bills to pay. Most | | | | habit of paying your bills on time. The |
| people that have credit issues were in pretty | | | | second requirement is evidence of paying your |
| good shape at one time in their lives. As I | | | | rent on time for two (2) years.Unlike a |
| stated before things happen, bills | | | | conventional bank that won't even talk to |
| accumulated and priorities such as putting | | | | consumers with credit issues, the |
| food on the table came first. So after | | | | government's program may be your only |
| putting food on the table and paying the rent | | | | opportunity to purchase a home. Now analyze |
| or mortgage, you became delinquent in other | | | | all of the things we've covered and decide if |
| debts.Remember when you buy a home, you have | | | | it's worth it. The Federal Government is |
| to pay the closing costs and down payment. | | | | aggressively making home ownership a reality. |
| This where the US Government in the form of | | | | Do you want to be included? It's your |
| the FHA can help. How does this happen? | | | | decision.This may not have been your idea of |
| Well, the FHA has taken the position that a | | | | a home buying plan, but now that you've read |
| new home buyer can accept gift funds towards | | | | this I hope it makes sense.In my next article |
| a down payment. The only catch is those funds | | | | I'll discuss how a good rental is vitally |
| must come from an approved source. Your | | | | important when it comes to qualifying for a |
| family, for instance, can give you the money | | | | home mortage financing whether it's in |
| for the down payment. It CANNOT be a loan. | | | | California, Florida or Rhode Island.Chuck |
| That would impact your ability to make | | | | Lunsford is the owner and developer of He |
| mortgage payments in the eyes of the FHA. The | | | | offers advice on how to get your credit in |
| down payment can also come from an approved | | | | order and working for you. Visit his website |
| non-profit organization.Approved non-profits | | | | and learn more about how to obtain florida |
| must first be 501C organizations. Now that we | | | | home financing. |
| know we can get down apyment assistance, | | | | |