How To Get Pre-Approved For An FHA Loan online – Home Loan Online

Instead of going down to your local FHA loan office, you can now go online and complete the entire FHA loan application process for your state. This article will give you step-by-step instructions on how you can apply for a home loan online in your state.

Things you need

Computer

Internet

Instructions

QUALIFICATION FOR FHA LOAN AND PRE-APPROVED SOCKET.

The reason for getting pre-approved for an FHA loan is so that you do not go through the process of finding the house just to find out that you are not eligible for an FHA loan. So follow these steps to make sure you do not qualify for the FHA loan and if so go ahead and fill out the pre-approved online FHA loan application.

The first step in apply for a home loan online in your state is to make sure you qualify for an FHA loan. You can do this by going to the FHA Qualifications page ready at FHA-home-loans.com. I included a direct link to the qualifications page in the resources below this article.

Start the FHA loan application for your state.

Then, once you have read about the FHA loan requirements and qualifications and you are qualified for an FHA loan, go to the FHA Home Loan Online application by the state at:

I have also included a direct link to the pre-approved FHA online loan application in the resources below.

COMPLETE THE FHA PRE-APPROVED ONLINE LOAN.

Then, now that you are on the pre-approved FHA loan application site, scroll down and choose the state you are living.

MISE PRE-APPROVED FOR FHA LOAN.

Finally, once you have completed the FHA online application form, you will receive a username and password. Check your account periodically to check the status of your FHA loan. You should have an answer within 48 hours.

Tips and Warnings

Most FHA loans are set aside for low-income families, but other factors are considered to also get approved for an FHA loan.

It is so much easier to fill out an online loan application for an FHA loan than to wait for it at a bank or credit institution just to fill out the FHA loan application form.

How to write a cover letter for an FHA loan

When apply for a home loan online through the Federal Housing Administration (FHA), it is sometimes necessary to write a letter explaining the credit difficulties you have had in the past. The FHA does not lend the money directly to the home buyer, but instead provides the loan from the bank or other financial institution. Essentially, the FHA is the guarantor of the bank that the loan will be repaid.

Instructions

Get a copy of the credit report that your lender uses. Ask the bank to send you a copy, or have a copy in the mail.

Make notations on your credit report of everything you believe is incorrect. It is important that you are able to prove that these items are incorrect, so they do not count against you.

Make a list of the positive reasons that you chose this house and location.

Make a list of why you have negative items on your credit. If you had a personal challenge, such as a divorce or medical problem, it is important to be honest about it. The fact that you have overcome the issue and are now on the road to personal and financial healing should be a positive source of motivation in the letter.

Write a first draft of your letter. If you have family nearby, then tell it. If you are about to start a family or have other motivations, then it is important to let the lender know. These articles will not deny a bad credit, but they will show that you intend to stay at home and make it your main home for a long time.

Ask someone who you trust and respect to reread the letter before making a final draft. This could be anyone from a parent, former teacher or teacher or friend who is known to be well written. You should not take all their advice, but they may be able to point out where you can strengthen your letter.

Rewrite your letter in a word processing program on a computer. Use the appropriate business letter format (see Resources).

Limit your letter to no more than one or two typed, double-spaced pages. It is important to be thorough, but concise when presenting your information.

Leave a Reply

Your email address will not be published. Required fields are marked *