In the past, regardless of your FICO credit score, you could qualify for a FHA mortgage. Although that is still technically the case today, with the recent government Stimulus Package in 2008, a minimum 580 FICO score has become the generally accepted lower limit for loan approval. The Stimulus Package also raised the maximum loan amounts available significantly on a per county basis. You will need to contact an FHA lender who can tell you the specific maximum amount available in your area.
You've most likely also recognized It's not feasible to get other members mortgage lenders of your office to do the instruction as there's no ensure that all aspects will get covered. It could even be a situation of your current loan officers deliberately not teaching your new employee properly in order to have a aggressive benefit in the workplace.
It is never too early to start establishing credit, and the best way to do this is with a credit card. If you are finding it difficult to obtain a credit card because you have no history, you can always buy your history by applying for a secured credit card or line of credit. Put down $500 or $1,000 and borrow against it. Make sure the institution you are applying to reports to the major credit bureaus, use the line of credit and pay your bills on time, and voila - you have a credit history! There is nothing wrong with carrying a balance over, just pay the minimum or a bit more, and pay it on time! Creditors like to think they will be making some money off of you.
So baltimore mortgage lenders don't hesitate to get a home loan calculator done. It will benefit you in every step of your process and will relieve your stress. Take a wise step closer to the home you long for by getting a home loan calculator done today.