Feel stuck getting an FHA loan

Opening a new credit card, will hurt your score in the short run as opening a new credit account increase your 'Risk Profile'. However, if you use the card correctly, in 90 days or so, that new account could add an additional 15-50 points, maybe more. Not having a revolving account (credit card) denies you a key score generator. Using it correctly means ALWAYS keeping the balance below 10% of the credit limit, placing at least one charge per month on it, and never missing a payment. A $300 limit means keeping the balance at or below $29 at all times.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300.

yes - probably .....what are your credit scores now .....getting a conventional loan normally makes more sense that using a FHA loan for several reasons ...but if your scores are low ( under 680) the FHA loan might be the best option ...I would begin the pre approval process - see what the credit scores are and then decide on the new credit card or not

FHA loans are the most liberal loans out there for weak buyers with lower scores and high debt ratio's. There is nothing wrong with an FHA loan. My best advice is to complete an application with a local mortgage broker. They will review your situation and credit. You may be surprised with a yes today, or they will give you advice on what you need to improve your situation so that you do qualify. Opening new lines of credit may or may not help. It depends. Better advice on credit cards is to pay the balance down to zero, or at least under 30% of the credit limit. Stay away from small cards with tiny balances, as they are super easy to max out. I provide conventional, FHA, VA, and USDA loans in MN, WI, IA, SD, and ND. Find my FHA information at https://firsttimehomebuyer-mn.com/fha-loans/ - Cambria Mortgage, NMLS 274132