Does FHA let you buy a home without any established credit?

Credit and mortgage advice Forums Consumer Credit Improve Credit Does FHA let you buy a home without any established credit?

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 7 months ago.



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    Anonymous

    I think they do.
    Lets say you’ve been out of college for about 3 years.
    You have that nice 20% down, and have your retirement account at work.
    You never financed anything. Your cars were bought used – with cash (on the cheap)

    From reading you NEED established credit to get a conventional loan
    But I think with FHA, even with 20% you pay PMI for 5 years – no big deal.

    Seems odd that someone buying a house that they can seriously afford (no credit) would get turned down, compared to someone with a 660 credit scores with only 3.5% to put down and buying the max house they can afford. Just seems odd.



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