Home Buying in Madison>Question Details

Mpd602, Home Buyer in Madison, NE

FHA denied my loan because I have no credit cards or revolving credit. Credit score is 649 and I have had paid off loans never reported.

Asked by Mpd602, Madison, NE Sun Aug 15, 2010

I need to close on this house in 15 days at 47,900.00. What can I do to get this loan approved quickly?

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Find a good loan officer that could look into some other options and/or explore futher with your FHA.
0 votes Thank Flag Link Mon Aug 16, 2010
How come your credit score is 649 with no credit cards?
0 votes Thank Flag Link Mon Aug 16, 2010
The best thing you can do is look at the CONTINGENCY status of your loan to see why it was denied. They should provide you with a copy or your mortgage broker should be able to give you an idea of what is holding up the loan. It could be as simple as providing a paystub or a pension letter (or something like that).
Web Reference: http://ihousesandiego.com
0 votes Thank Flag Link Sun Aug 15, 2010
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