Don’t Let the Credit Snag Prevent FHA Loan Qualifications
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Before applying for an FHA loan, do your best to pay off as many outstanding debts as possible without overextending yourself. One of the criterion to securing a loan is having a low debt-to-income ratio. This basically means the more debt you’re already in, the less likely you are to get the approval of FHA to go into even more debt. The more outstanding items you can eliminate, the better it looks for you. But again, you don’t want to put yourself behind or strain your current financial situation in order to secure the FHA loan—it’s better to wait or try to meet the qualifications without paying anything off. fha loan qualifications
