Before an owner can market a property to buyers that want to use a FHA loan, he will want to familiarize himself with the FHA’s standards. FHA won’t insure loans on just any property.
While their standards aren’t as stringent as they used to be, a home needs to be in relatively good condition to qualify for FHA financing.
A mortgage pre-qualification is an initial estimate of what type of mortgage a borrower could get. It is limited, though, because it’s only based on what the borrower tells the lender, which might not be the same as what the lender finds out when it goes through a full process of analyzing the borrower and his credit.
While homeowners typically equate the FHA loan program with low-down payment mortgages, FHA refinances are also available.
Before applying for a mortgage, borrowers need to build a plan for how they are going to manage their credit both going into the process and as they go through it.
Like credit cards or car loans, some mortgages allow borrowers to have co-signers on the loan with them, enhancing their application.