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Qualifying For An FHA Loan
The FHA loan is, without question, one of the easiest full documentation mortgage programs to qualify for. With flexible underwriting guidelines that use both Automated and Manual Underwriting processes, the FHA Loan program affords more Home Buyers the opportunity to become homeowners than any mortgage program available today. To find out if you can qualify for an FHA Refinance or purchase loan, simply give us a call today or use our fast and easy Quick Mortgage Application to learn more!
The qualifying guidelines for the FHA loan program, for the most part, are very non-specific and general. This is intentional! HUD wants to allow approved lenders the flexibility to make exceptions for borrowers based upon individual circumstances and compensating factors. This offers everyone an equal opportunity to be approved for an FHA loan. Why not call today to learn if you qualify for an FHA loan!
Through the years, we've worked with many prospective borrowers from Alabama to North Carolina and one thing remains constant; for those that meet the general qualifications, many borrowers that don't close using the FHA program are the ones that won't do what is necessary to own a home using a low Fixed Rate FHA mortgage. Really! We've seen it in applicants from Tennessee to prospective homeowners in Missouri. We can get them approved, but that approval requires they take action to address past wrongs and make them right. Many elected to use a high risk Bad Credit Loan and many of those are now paying the price.
So what can you expect when you apply for an FHA loan with any HUD approved lender? For qualified borrowers, you can expect an approval for a loan amount that makes sense to your income. You're not going to get "Fancy Financing" deals with FHA. Whether you're looking to finance a Mobile Home with land or a traditional stick built home, what you will get is an approval for a FHA loan that you can afford based upon your earnings today! This protects you from the unknowns of tomorrow and protects the program against unnecessary defaults.
What's our secret to getting so many approved for an FHA loan? The secret to getting approved for an FHA loan is simply answering the question "Does It Make Sense?" We put together packages that tell a story about you, that can make lending money to you make sense to the Underwriter. Our goal is to put your best foot forward. If what you want doesn't make sense, and doesn't meet guidelines, we can't help you.
Learn more use our Quick Mortgage Application to get the process started.
In general, underwriters for the FHA loan program make decisions with the following considerations in mind;
These are only some of the most fundamental guidelines used to pre-qualifiy a homeowner or home buyer under the FHA loan program. If you can meet these most basic of underwriting criteria, chances are you can get pre-approved for an FHA loan regardless of the state you live in. To learn more give us a call or just use our Quick Mortgage Application.
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