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Getting an FHA loan if I own my home outright?

I own my home outright. I have good income, no debt except a car loan that I have never  been late on. I have assets (IRA). My problem is credit is bad due to mistakes made a few years ago. I want a loan for some work to do around house and for my savings acct as well. My score is a 550 or so. I'm looking for about 25K, value is 350K and I'd prefer a 15 year loan. Can I get an FHA loan with a decent rate, or any loan for that matter?
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July 27 2013 - Centereach
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Answers (1)

There may be a lender that would lend in that situation but if you are able to get an "in house" bank loan or similar, that may be a better option for you.  There would be a lot of costs for an FHA loan being only $25,000.  Some tips to improve credit scores quickly:

30% of your credit score is balance compared to credit limits as a percentage.  If you do not have any credit cards, get a couple, charge $20 - $30 once per month, pay off the balance when you get the bill, and repeat every month.  This will keep you under 10% of the credit limit and will help maximize your points for this category.  If you have credit cards, pay them under 10% of the limits.

Let me know if you have other questions and I hope this helps.
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July 28 2013
 
Related Questions
Getting an FHA loan if I own my home outright?
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Latest answer by Russell Smith
July 28 2013 | 1 answers
  • Asked by user7139972
  • In Refinance
  • July 27 2013
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