Idaho FHA Mortgage Loans 

FHA loans are loans that are insured by the Federal Housing Authority, which is an entity of HUD (Housing Urban and Development). This loan is less risk to the banks, and has a lot of benefits when coming to your credit report history. Here are the benefits.

1. No credit score requirement
2. Low down payment (3%)
3. Easy credit qualifying

Here is what FHA typically looks for to get you into a house.

1. Clean 12 to 24 month history
2. If you have no credit, FHA will allow alternate lines of credit, such as:
a. Letters of payment history for the last 12 months in good standing from the following:
1. Electric Company
2. Water Company
3. Cable Company
4. Day Care
5. Child support history
6. Cell Phone Company

This loan also requires good rental history, you don't have to have it, but if you have credit issues it's typically required. When applying for a FHA loan, you probably should get a current copy of your free credit report and do some research. FHA is a loan that is less harsh on your credit, but you need to show at least 3 source of credit reporting in good standing. Having late payments on your credit report during the last 12 to 24 months is sure way to get denied. Get a copy of your free credit report today.

For FHA loans, in Boise, Nampa and surrounding areas - call Lisa, your local friendly Idaho Home Mortgage loan expert.