FHA is one of the most lenient lenders when it comes to credit. They do however have general guidelines.  We will do our best when it comes to outlining credit guidelines but please contact us if you aren't sure about your credit.  If you have any of the following you will need to wait before sending in the Grant Request or the Mortgage Application.  

1)A Bankruptcy whether Chapter 7 or Chapter 13 needs to be cleared for two years from the discharge date of the Bankruptcy.

2)All collections, liens or judgments must be paid prior to closing on your new home.  If you have under $500 in collections please contact us.  We may be able to help you pay those at closing.

3)Your credit for the past 12 months has to be paid as agreed and on time.  An isolated late payment can be overlooked but a history of late payments will not qualify.

4)Whether you pay rent to a landlord or pay on an existing mortgage we need a 12 month history of on time payments.

5)If you are self employed you must be self employed for a period of 24 months before we can use income from a self employed business.  This also applies when using commission income.

Again, if you think you should qualify but just aren't sure please feel free to contact us info@statewidehomegrants.com.  We are here to make the home buying process simple, convenient and enjoyable!

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