Your credit rating is only a single factor in qualifying for your loan, and owning created some Late payments doesn't must preserve you from buying a home.
Many programs grade not just on your fico score, but other causes just like how a lot you've in liquid assets or reserves for instance retirement funds, life insurance, 401k, IRA, stocks, bonds, mutual funds, and funds marketplace funds.
Even your checking and savings accounts play a large role.
An individual who has consistently produced payments on time from the past might have FHA more financing alternatives than an individual who has not, but that doesn't mean a mortgage is off-limits if you've had credit score problems.
In fact, FHA offers several mortgage choices to support individuals with less-than-perfect credit score turn out to be homeowners and leave credit rating challenges behind.