FHA & Mortgage Loan Approval?

My husband and I are in the process of purchasing our first home. We have been talking to a mortgage broker that pulled our credit and pre-qualified us for an FHA loan.

The mortgage broker said we look good but Im just wondering if we should still be concerned about getting final approval. I have heard that it is very difficult getting a loan right now. Feedback is appreciated.

5 Answers

Relevance
  • 1 decade ago
    Favorite Answer

    You'll be fine. FHA loans are saving the industry's bacon right now. We are in a credit crunch, but the FHA program is one sector that is growing.

    Don't worry; go forward. Get the broker whatever documentation they ask for, keep banking cash, and don't open any new credit or tradelines. FHA has it's own red tape but not the problems that other programs are suffering.

    Good luck!

    Source(s): real estate broker loan officer
  • Dale H
    Lv 4
    1 decade ago

    I would ask to the the approval. They should have the ability to provide you with the "findings" from a submission to automated underwriting unless you have issues that would preclude the automated approval.

    If you need to have an underwriter do a manual approval, that is where the broker saying you "look good" means nothing. He is not an underwriter. You would need to have a full package submitted with everything short of a purchase agreement, title and appraisal in order to get a solid credit approval.

    The basics are pretty straight forward as the others here have stated. If there is anything exceptional, you may need to press a little more to get the answer you are looking for.

    Personally, if I have any doubt I want to get everything to my underwriter a.s.a.p. so that there are no surprises.

    Good luck.

    Source(s): 7 years mortgage lending experience.
  • godged
    Lv 7
    1 decade ago

    More difficult than it was a couple years ago, but lenders still have to give loans to make money.

    Restrictions have been tightened up so stated income loans, no doc, high loan to value and such have essentially been removed from the marketplace. Credit score requirements have been increased.

    If you have good credit scores, steady employment history, good debt to income ratio and down payment, you will be just fine.

    Good luck on your first home!

    Source(s): Oregon Realtor
  • 3 years ago

    no do exactly not place it in as earnings yet understand this which you will might desire to write down a letter of clarification as to why your taxes variety from what you assert you're making if self employed area time for over 2 years. Or declare the earnings yet make specific the non-public loan officer merely figures the abode consistent with gross revenues and not finished earnings i'm a loan banker in TN & KY

  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    1 decade ago

    It isn't difficult if you have good credit history, good job stability, and your debt ratios aren't high.

    In essence, the mortgage biz is simply back to normal, no longer loaning with zero down, or doing 125% HELOC's

Still have questions? Get your answers by asking now.