FHA Loan Pre-Approval

Get Pre-Approved for an FHA Loan

You’re ready to start your home-hunt, but need to get pre-approved for an FHA loan. If you’re not sure how to be qualified for an FHA loan, follow this link to learn more about this particular lending product. Below is a breakdown of what you’ll need in order to get pre-approved.

What is FHA Pre-Approval?

It’s important to understand the difference between an FHA pre-qualification and a pre-approval. The former is really the ‘skim milk’ of understanding where you stand before buying a house. This makes pre-approvals the higher concentrated, but ultimately more valuable, document.

With an FHA loan, you’re looking at meeting the requirements of the loan product. A pre-approval document will lay out very clearly where you stand with your finances. More importantly, it will show lenders like NASB that your financial history has been verified on a deeper level than a pre-qualification, and that you’re incredibly serious about moving forward with buying a home.

What is required for an FHA Pre-Approval?

It’s actually quite simple. To meet FHA pre-approval standards, you have to fit the requirements of the FHA loan product. NASB adheres to the guidelines set forth by the FHA and HUD in order to determine who can qualify for the loan product. Here are a few examples of what NASB looks for with FHA pre-approvals:

  1. Income

  2. Credit History

  3. Employment verification

There are other requirements that must be met and other documents you’ll need to provide at a moment’s notice. As long as you keep on top of communication and move at an efficient pace, you’ll set yourself up with success in obtaining your FHA pre-approval.