These loans are generally given to consumers with insufficient or
weak credit history.
One of the proposed rules, requires greater transparancy in marketing to consumers with
weaker credit histories and / or low income.
Yes, the FHA should demand more down for people with
weak credit histories.
FHA loans are federally insured loans, so mortgage companies are more inclinded to lend to home buyers who have
weaker credit history, and small down payments.
If you have
a weak credit history, credit repair services such as Go Clean Credit can help you boost your score and polish your credit history.
Even if you have
a weak credit history and a low credit score, you should give it a try: some of our lenders can help even such borrowers.
FHA loans are federally insured loans that allow buyers who have
weaker credit history, coupled with limited funds available for down payment, to obtain a mortgage with a great interest rate and low monthly payments.
Prime borrowers can choose to select an ARM if it fits their needs, while borrowers with
weak credit histories have had little choice but to accept them if they wanted credit.
At the same time, if you've got
a weaker credit history don't be surprised if you're not even able to get credit lines up to 50 % of your stated income.