Applying for an FHA Loan? Get Pre-Approval with NASB!

North American Savings Bank (NASB) is one of the best banks to work with for FHA loans. We are here to help you pre-qualify for your FHA loan and guide you through each step of the FHA loan process.

Becoming pre-qualified is important because it shows sellers and agents that a bank or mortgage lender has evaluated your income and debt situation, and the approximate size of a home loan you are considering. It does not necessarily mean that you have been approved for a loan.

Are you buying your first home? Visit our first time home buyer page and learn more about the process. 


Benefits of Applying for an FHA Loan

  • Typically Easier to Qualify For
  • Requires Lower Down Payment
  • Lower Credit Scores Accepted
  • Federally Insured
  • Flexibility Despite Financial Problems

How to Qualify for FHA Loans; Documents Needed & Process

There are many things to consider when pre-qualifying for an FHA loan - credit score, down-payment requirements, and closing costs to name a few. That’s why NASB works extra hard to provide clear and concise information so you know exactly how much you’re going to pay at closing and how much you can expect your monthly mortgage payment will be.

A few items you will need to have prepared are:

pre qualify for an fha loan

  • An understanding of your credit report
  • An understanding of all of your debts
  • Most recent pay stubs showing your income
  • 2-3 years of IRS W2 forms
  • Your most recent bank statements

If you have any questions, or if you have circumstances which may prevent you providing the necessary documentation, call us. Our skilled loan officers are happy to explain the situation and what you can do to become eligible.


FAQs on How to Qualify & Getting Pre-Approved for FHA Loans

To get pre-approved, FHA loan qualification relies on several different factors including income verification, credit score, debt-to-income ratio (DTI) and employment history just to name a few.
Depending on your situation, we can get you qualified the very same day!
Though there are many factors that are needed to be met for approval, NASB looks for a credit score around 600+ for FHA loan approval. With a high enough down payment, you may be able to qualify for one of our portfolio loan products if your credit score is lower than 600.

FHA insures loans on the following properties:

  • Owner-occupied, 1-4 family properties

  • Owner-occupied condominiums in FHA-approved condo projects

  • Investor properties with existing FHA-insured loan being refinanced

Although FHA insures loans on condominiums, the condo project must be approved by FHA. To determine if the project is on the FHA approved list, click here to find FHA approved condos.

Only one FHA insured loan is allowed at one time per borrower. There are some exceptions to this rule:

  • Relocations – If the borrower is relocating to another area not within reasonable commuting distance from the existing principal residence, he or she may keep the property covered by the previous FHA-insured mortgage as a rental.

  • Increase in Family Size – The borrower’s number of dependents has increase to the point that the present house no longer meets the family’s needs. However, the existing FHA-insured mortgage cannot exceed 75% of the appraised value.

  • Vacating Jointly Owned Property – The borrower is vacating a property that will remain occupied by a co-mortgager. A common example of this would be a divorce situation.

  • Non-Occupying Co- Borrower – The borrower will be a non-occupying co-borrower on a property being purchased with an FHA mortgage as a principal residence by other family members.


98% Customer Satisfaction Rating

Everyone I dealt with was a top notch professional. It makes me even prouder having served my country, knowing I got this type of excellent treatment. Thank you NASB and everyone involved. Someday I would like to meet each and everyone involved in this transaction, you people are what America is made of, thank you again for the smooth transaction.

- John from Indiana

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My loan officer was always available to me, even when I would leave a message he would get back to me promptly. While working with NASB, I felt like he was working for me and not just his company. His team was very helpful in gathering information to complete my loan.

 

- Tracey from Oregon

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NASB and its staff are awesome. They actually have their act together and can help you navigate through the entire process with ease. This is my 3rd loan through them. I would highly recommend.

 

- Dale from Maryland