Oftentimes, when you are searching for a new home, it may seem obtaining a pre-approval for your mortgage loan is a waste of time and energy.
In your imagination it seems like a great idea â you purchase an older run-down property and you have the chance to fix it up and turn it into the home of your dreams.
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.
It can be pretty intimidating to dip your toes into the realm of home ownership, especially if you’re a first-time homebuyer.
Getting a mortgage isn’t an easy thing to do. Before a lender will put down tens of hundreds of thousands of dollars, it wants to know that the borrower can handle the loan so that it will get paid back.