Julie Campbell Home Mortgage Loans Brigham City Utah

Home Mortgage Loans

  • Home
  • About
    • About Julie
    • Privacy Policy
  • Mortgage Info.
    • First Time Home Seller Tips
    • First Time Home Buyer Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Interest Rates
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortagage Glossary
    • Mortgage FAQ
  • Apply
  • Blog
  • Contact Us
You are here: Home / Home Mortgage Tips / FHA Home Loans: How to Pre-apply and Get Approved Before Making a Home Purchase Commitment

FHA Home Loans: How to Pre-apply and Get Approved Before Making a Home Purchase Commitment

September 10, 2014 by Julie Campbell

FHA Home Loans: How to Pre-apply and Get Approved Before Making a Home Purchase CommitmentIf you’re in the market for your first mortgage, the Federal Housing Administration may be able to help you. Thanks to the FHA home loan program, you can apply for loan approval before you’ve found a home that you want to buy – which means you know what you can afford before you start your house hunt. Here’s what you need to know about FHA home loans and how they can help you find the perfect house.

Pre-Approval: Assessment Includes Employment History and a Credit Check

The pre-approval process can be done over the phone or online in a matter of minutes. All you need to do is find a lender or mortgage broker in your area and start the application process. You’ll be asked a series of questions and you’ll need to meet several criteria, such as a history of steady employment and consistent income, a credit report in good standing, and a desired mortgage payment of 30 percent of total monthly gross income.

The Variables of the Loan May Change Depending on Your Needs

When the representative for the broker or lender contacts you, he or she may overestimate your property taxes and will assume that you are going to borrow the maximum amount for which you qualify. Therefore, the monthly payment that you are quoted may be higher than the amount that you would pay each month when you actually purchase your home. Based on the property taxes, your down payment and the purchase price of the home, your payment may be higher or lower at closing.

You Will Get a Letter Stating That You Have Conditional Approval

If all goes well, the lender or broker who assessed you will send a letter confirming that you are conditionally approved for an FHA home loan. You may wish to submit this letter with any offer that you make to purchase a house, as without conditional loan approval, a seller may not take your offer seriously. If you are in a bidding war for a home, it may not be possible to win unless you show that you have financing available to close on the property in a reasonable amount of time.

The first step to get a mortgage is to get conditional loan approval. By calling your lender or a broker, it may be possible to obtain pre-approval for the mortgage you need while also negotiating favorable terms. For more information about qualifying for FHA loans, contact your local mortgage professional today.

Filed Under: Home Mortgage Tips Tagged With: FHA Home Loans, Mortgage Financing, Mortgages

Julie Campbell

Contact Julie

Loan Officer


Intercap Lending
Brigham City, UT
Call (801) 388-6732
Personal NMLS# 299573
Download the Homebuyer App

Connect with Me

How can I help?

  • This field is for validation purposes and should be left unchanged.

Perfect Listing Presentation

Categories

Quick Links

  • Accessibility Statement
  • Privacy Policy
  • Licensing
  • Complaints
  • About Julie
Equal Housing Lender
Intercap Lending NMLS# 190465
• nmlsconsumeraccess.org

Our Location


112 N Main
Brigham City, UT 84302

Copyright © 2023 · Powered by MySMARTblog