What is the minimum credit requirement for a FHA loan in Colorado? I have an excellent income, but only 1 year of credit.

Great morning to you! FHA gives us a bit more options. Would need to see what your credit report looks like. I do have FHA programs that have credit scores down to 560. I am happy to help and answer any questions that you might have. I am here locally, and a local small business right off of Parker Road. Kay - 720-670-0124

Much more info is required, and without seeing your complete loan scenario, it's impossible to answer your question.. But in general, having limited credit typically is not a problem.. FHA allows for "Alternative Credit" to be used as additional credit references.. But if you have bad credit, then that could be a big deal.. FHA has a minimum 500 credit score requirement, but you wont find a lender willing to go below 560, and even those lenders have very strict guidelines.. very few that apply actually get approved.. no credit is easy to overcome.. but bad credit is much more difficult.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347