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Homeowners are aware that a late payment on a mortgage can negatively affect your credit. But, most homeowners are not exactly sure when their mortgage.
FHA requirements are structured so that loan applicants who have a good credit history will likely be eligible for the mortgage. Late payments, bankruptcies, no credit history, and foreclosures will adversely affect your chances.
A High-Balance Mortgage Loan is defined as a conventional mortgage loan where the loan amount exceeds the conforming loan limits. specific high-cost area loan limits are established annually for each county (or equivalent) by the Federal Housing Finance Agency (FHFA).