The biggest scam that Connecticut mortgage brokers are seeing is the lenders are not following the FHA guidelines when it comes to not having credit score requirements. FHA guidelines clearly state that they do not require a certain FICO score to approve your mortgage, but once again the big banks are choosing to turn their backs on Connecticut first time home buyers and Connecticut homeowners who want to consolidate debt and get a lower monthly payment. Even with the mortgage banks denying thousands of people for mortgages you still have options that will help you get approved for a FHA mortgage.

The first tip for getting approved for a FHA mortgage with low credit scores is to spend the time to find a Connecticut mortgage broker that will work with and for you for an extended amount of time. You do not need a loan officer that will just take an initial application and will not respond to your phone calls or emails ever again. If you skip this step you will not only get denied for a mortgage, but your credit scores will continue to go down because you will have too many inquiries.

The second tip that is so important is to document your situation as best as possible. Connecticut mortgage lenders will want to know what happened and what has been done since it happened that will prevent the incident from occurring again. This can be copies of pink slips that forced you to stop working due to work shortages or copies of a divorce decree that resulted in considerably less income coming into your household. All of the factors should be discussed when applying for a mortgage with an experienced Connecticut mortgage broker.

The third tip is to keep your head up and be optimistic. The absolute worst thing that can happen is that it will take a little longer and maybe a little more documentation, but this is not the end of the world. You should definitely look towards your loan officer to keep you up to date on the timeline and plan of action that you are following.

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