Qualifying for an FHA Loan is not too different than applying for any other type of home loan. However, making sure you’re working with an expert FHA Loan Officer is crucial to ensuring you actually meet all requirements to be approved for an FHA loan.
To Apply for an FHA Loan, your lender will need to pull your credit score, ensure that you have a stable and reliable income, and that your debt to income ratio is within range.
So how do you apply for an FHA loan?
An FHA loan pre-qualification involves contacting an FHA approved lender and answering some basic questions about the type of mortgage FHA loan you’re seeking, your income and the estimated purchase price of the condo or home. You can get a general estimate of how much you can qualify for by using our FHA loan calculator, which details out your estimated monthly mortgage payment based on your estimated purchase price and downpayment.
Pre-approval vs. Loan Approval
Getting pre-approved for an FHA loan means your FHA approved lender has made a basic determination about your eligibility for an FHA loan. Loan Approval means that you have found the house you want to purchase, made an offer, received your FHA appraisal and submitted your loan packaged to a mortgage underwriter for FHA loan approval.