Hi,
What does it mean to be pre-qualified for an FHA loan?? My credit have been checked, I be asked my income, and they sent it thru the FHA approval computer and said the fha says ok for them to proceed?? Does this roughly mean if everything match up like income, assets, credit we are approved??
The paperwork that I received said we enjoy been "Conditionally approved" but did not state any conditions which be strange. I hope someone can help
Answers: Like the others said, it vehicle that you've been approved for that dollar amount.
The biggest benefit is that when negotiate with the seller, it shows them you are serious and are qualified to purchase their property, so they are more willing to agreement knowing that it could lead to a public sale and quicker possibly a quicker possession.
If you use and approved loan status that means they enjoy determined what you can afford and if you find a piece of property with the correct price that they will approve your loan after inspection of the loan and property. It must appraise for the loan amount and be within good repair next to no surprise first year expenses Start house shopping! They can deny the loan later, but typically if you are pre approved consequently the conditions would just be spare paycheck stubs or taxes, etc. They probably have to state "conditionally approved" contained by case something arises, sufficient income, credit , etc.. GOOD LUCK!
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What does it mean to be pre-qualified for an FHA loan?? My credit have been checked, I be asked my income, and they sent it thru the FHA approval computer and said the fha says ok for them to proceed?? Does this roughly mean if everything match up like income, assets, credit we are approved??
The paperwork that I received said we enjoy been "Conditionally approved" but did not state any conditions which be strange. I hope someone can help
Answers: Like the others said, it vehicle that you've been approved for that dollar amount.
The biggest benefit is that when negotiate with the seller, it shows them you are serious and are qualified to purchase their property, so they are more willing to agreement knowing that it could lead to a public sale and quicker possibly a quicker possession.
If you use and approved loan status that means they enjoy determined what you can afford and if you find a piece of property with the correct price that they will approve your loan after inspection of the loan and property. It must appraise for the loan amount and be within good repair next to no surprise first year expenses Start house shopping! They can deny the loan later, but typically if you are pre approved consequently the conditions would just be spare paycheck stubs or taxes, etc. They probably have to state "conditionally approved" contained by case something arises, sufficient income, credit , etc.. GOOD LUCK!
Resolved Questions: