An FHA loan is a good option if you're looking to buy a home but your credit needs work. The downside is you might be looking at limited loan options and expensive mortgage premiums. Luckily, you can open the door to better terms on home loans (& more options) by improving your credit. While you can repair your credit yourself, it's easier when you team up w/Credit Glory.
What is an FHA loan?
If you're looking to buy a home but your credit score needs help, an FHA loan might be an option. What is an FHA loan? It's a loan backed by the Federal Housing Administration. Because of the government backing, they might be an option for buying a home w/a low credit score. The good news is you can qualify for an FHA loan even with a low credit score. As long as your score is 500 (or higher), you can get an FHA loan.
Is an FHA loan your best option?
A low credit score leaves you with limited options on home loans. While an FHA loan might seem like a good option, there are downsides. Unexpected downsides of FHA loans include:
- Expensive mortgage insurance premiums
- Limited loan options
- Strict property requirements
So how do you get the best deal on a home loan? By improving your credit. While DIY credit repair is an option, it's easier when you team up with a credit expert like Credit Glory.
How to build your credit & get better options on mortgages
If you're struggling to raise your credit score, it may be due to inaccurate items on your report. According to the FTC, 1 in 5 people have errors on their report hurting their score! Here are a few things you can do before you apply to open the door to more options (& lower interest rates) on home loans.
- Check your credit report for errors - Finding mistakes on your credit report means knowing what to look for. Be sure to double-check personal info, account details, & balance accuracy.
- Ask for verification - If you think a negative mark is on your report in error, have it verified. If the collection agency can't provide evidence, you have grounds to dispute it.
- Write a dispute letter - Sending a dispute letter to the three major credit bureaus (Equifax, TransUnion, & Experian) is your next course of action. Be sure to include what you are disputing, support your evidence for having it removed, and ask them to remove it.
- Work with a credit repair company - A simpler alternative to DIY credit improvement is partnering with a credit repair company. Credit experts — like Credit Glory — identify errors and dispute them for you. Making the process easier (& less of a hassle).
Why repair your credit w/Credit Glory vs. DIY?
Removing your credit report's errors helps improve your credit, so you qualify for better terms on an FHA loan. However, DIY credit repair is a headache (& time-consuming). Partnering w/Credit Glory is often a simpler alternative. Why?
- Easier - Making a mistake disputing DIY costs you. Credit Glory helps you build a strong case for disputing inaccurate collections (& boosting your score).
- Saves you money - An unsuccessful dispute leaves you stuck with debt (& poor credit). Credit Glory helps you boost your score — which means saving money on loans (& interest rates).
- Top-class customer support - Credit Glory has best-in-class customer service to answer questions and keep you updated. Credit Glory even offers an industry-leading 90-day, 100% money-back guarantee.
Qualify for better terms on home loans w/help from Credit Glory
Disputing negative items on your credit report is hard work! It takes a lot of time, effort, organization, and follow up. The good news? Our team of credit repair professionals is here to simplify everything! Let your dedicated credit repair expert relieve you of the stress, hassle, and time needed to fight your inaccuracies and boost your credit score (FAST!)
Credit Glory is a credit repair company that empowers consumers with the opportunity and knowledge to reach their financial dreams in 2021 and beyond.
Call us at (855) 938-3044 or set up a consultation to get started, today!
Get Your Credit Score Improved Professionally
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It's so much less stress, hassle, and time to let professionals identify the reasons for your score drop.
If you're looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on (833) 461-0151 or setup a consultation with them. They also happen to have incredible customer service.
Credit Glory is a credit repair company that helps everyday Americans remove inaccurate, incomplete, unverifiable, unauthorized, or fraudulent negative items from their credit report. Their primary goal is empowering consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.