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Old 05-14-2008, 04:21 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,853,350 times
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Quote:
Originally Posted by gregoryinvegas View Post
By the way from what I understand (not an expert here) but a first buyer wannabee just like you, FHA does not look at credit history has much as other types of loan. I have a "thin file" and a 680 credit and was pre-approved with no problems (I have a 20% down ready though). I am looking for house smaller than yours (2 bed 1200-1400 SQ Feet) and I am currently on the waiting mode. Prices still do go down, not as fast as they used to though (got bit on a house 2 weeks ago as they were 5 offers on the table).
Actually FHA looks pretty hard at credit history especially recent history, just not the score so much although many lenders are imposing minimum FICO limits. They mainly focus on the last 12 months, and if the file is thin then they will use alternate tradelines such as rent, car insurance, utilities, etc. to establish a satisfactory payment history.
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