Prepare for the FHA Eligibility Process

Let's discuss FHA eligibility. Many borrowers worry about qualifying for a mortgage. But with a little preparation, you can make your loan application more appealing to lenders.

Every loan originator admires preparation because it saves them time. So before shopping for a mortgage, lay the groundwork by making sure you can answer the following questions for homeowners and home buyers.

10 FHA Eligibility Questions for Refinancing a Mortgage

  1. What is the estimated current worth of your home?
  2. Total combined amount of current mortgages?
  3. Do you wish to borrow additional cash?
  4. Which state and city is your home located in?
  5. How would you grade your credit history?
  6. If you declared bankruptcy, how long ago?
  7. If you lost a home in foreclosure, when?
  8. Do you currently reside in your home?
  9. After refinancing, will you continue living there?
  10. Does your home have more than one living unit?

10 FHA Eligibility Questions for Home Buyers

  1. What is the price of house you want to buy?
  2. How much have you saved for down payment?
  3. Which state and city is the house located in?
  4. How would you grade your credit history?
  5. If you declared bankruptcy, how long ago?
  6. If you lost a home in foreclosure, when?
  7. If you already own a home, do you live in it?
  8. If yes, will it be sold simultaneously to buying a new home?
  9. Do you plan to live in the house you are buying?
  10. Is the property a duplex, triplex, or 4-plex?

Use My Mortgage Checklist

By being able to answer these questions, you're a step ahead of the game. Now take the next step by organizing your paperwork. Go here for my Mortgage Checklist. Let's get your ducks in a row!

Ask Kate About FHA Financing

What if you could ask a real estate and mortgage insider anything you wanted? Now you can!

Ask Kate is specifically designed to answer your questions and create dialog regarding mortgage financing.

You'll also find a wealth of information at Kate's Best Mortgage Rate Blog packed with interest rate updates, mortgage news, and a fresh approach to the world of homeownership.

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