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Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and TransUnion, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others.
Your mortgage professional will use your debt-to-income ratio to qualify you for a mortgage loan. This ratio takes into account all of your monthly debt (what is found on your credit report), your monthly income and the monthly payment of your new home.
FHA suggests a back ratio no higher than 43 percent; however, FHA is flexible and has been known to exceed their suggested 43 percent. Down Payment. FHAs required down payment is 3. 5 percent when purchasing a single family home, condo or duplex. If you are purchasing a multi-family building, FHA requires at least five percent down. Gifts.