Can You Get a Fha Loan with a Judgement?

The Federal Housing Administration (FHA) does not lend money directly to homebuyers. Instead, it has a list of approved lenders that make loans through the FHA. If you are looking for an FHA loan, you will need to apply through one of these approved lenders.

One important requirement for FHA approval is that the lender must not have any outstanding judgements against it. Judgements are public records, so lenders are typically very careful to avoid them. If a lender does have a judgement against it, that could be a sign of financial problems and the FHA may choose not to approve the lender.

If you are looking for an FHA loan, you should start by checking with your current bank or credit union. Many large banks and credit unions are approved FHA lenders. You can also search for approved lenders on the HUD website.

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There are a few drawbacks of FHA loans to be aware of. First, if you have a conventional loan and you want to refinance to an FHA loan, you will have to pay for private mortgage insurance (PMI) if your new loan is for more than 80% of the value of your home. This can be costly and may offset any savings from refinancing. Second, FHA loans are not available for investment properties or second homes. Finally, FHA loans come with a few unique rules and regulations that may be different from conventional loans, which could make the loan process more difficult to navigate.

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Yes, you can get an FHA loan even if you have a judgment against you. There are a few things to keep in mind, though. First of all, the judgment must be paid off before you can apply for the loan. Secondly, you will need to provide documentation to the lender explaining the judgment and why it has been paid off. Lastly, the lender may require a higher down payment or interest rate due to the fact that you have a judgment on your credit report.

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