Although FHA loans and FHA refinance loans are open to everyone and have no income limitations, you still must qualify for the a loan by proving to the FHA and their approved lender that you are a low credit risk. Low credit risk applications are reliable and show employment and job stability.
At FortressVALoans.com we can help you prequalify for an FHA mortgage or FHA refinance loan. We are experts in how the FHA loan process works and can help you get the required documentation in order so that you qualify for the best loan possible.
To understand why the FHA requires the documentation that it does, you must first understand that the FHA wants to promote responsible homeownership by preventing buyers from getting into homes and mortgages that they cannot afford.
To do this, all FHA-approved lenders, including FortressVALoans.com, will look at your past payment and credit histories to determine if your history indicates that you are likely to pay your mortgage.
The mortgage lender and the FHA have extra assurance that the homebuyer can afford the mortgage loan payments and is, therefore, less likely to default on the loan. Meanwhile, the homebuyer has gone through a thorough examination of their finances and should have a better understanding of what FHA loan amount they can afford.
At FortressVALoans.com, we use several methods to determine your credit health and your eligibility for an FHA loan or FHA refinance loan. These items are considered in combination with each other. A less-than-perfect credit score won’t necessarily disqualify you, but every situation is unique. Contact us at (888) 383-5002 or firstname.lastname@example.org today for a comprehensive credit evaluation.
Information that we use to determine credit worthiness include:
Although the items on the list above can negatively affect your credit score, they may not disqualify you from getting FHA loans or FHA refinance loans. There are many variables that impact your creditworthiness. The mortgage specialists at FortressVALoans.com can examine these variables, evaluate your history and advise you of your FHA loan options.
If you have a unique situation or wonder if you meet the FHA loan qualifications, contact us at (888) 383-5002 or email@example.com. With our simple online prequalification form, we can usually get an answer for you in a matter of minutes, and get you on the road to homeownership today!