Expert of FHA Home Loans, Conventional Loan & USDA Loan In Sunland Park, TX
Common requirements by Prodigy Lending for an FHA home loan approval in Sunland Park, Texas
Taking a loan is a very important step in your life. This is because it shows that you are on the journey towards making your life better. If you want to buy a house, consider the various types of home loans offered by various lenders. Prodigy Lending, for instance, has many options that include VA, conventional and FHA home loans. All that you need is to understand what each type entails and whether it has the ability to meet your needs or not. If you decide to go for an FHA home loan, for instance, it is important to make sure that all requirements are met. This is because to be approved, you must meet all FHA loan requirements. The following are some common requirements by Prodigy Lending for an FHA home loan approval in Sunland Park:
- Income information – this includes details of the amount of money you receive on a monthly basis. If your main source of income is not that stable, you are required to have other alternative options. Income information is used to determine whether or not you have the ability to make loan repayments and still sustain your living. It is impractical to take a loan if you are having trouble feeding yourself unless you have a benefactor. Even if the FHA guarantees to make repayments, your income information will be required to determine interest rates on the loan.
- Credit information – it shows how many loans you have taken in the past. It also shows your repayment behavior for these loans. If you have been paying the required amount on time, this proves your credit-worthiness. This means that you can be trusted to pay back the loan as expected. In this case, your chances of approval are very high. The case is different if you don’t have an attractive credit history. It proves that you cannot be trusted to repay a loan meaning that your chances of approval are limited. If this is the case, then you should aim at meeting all your unpaid debts before applying.
- Down-payment ability – down-payment is a common feature with most home loans. It determines how much financing you will receive on your home. It is important to save for a down-payment early enough. This will ensure that you don’t stress too much within a short period. If you are unable to pay down-payment fully, then this will result in higher interest rates for your loan. In this case, you can wait to afford it or settle for the higher interest rates.
- Type of home – FHA home loans are guaranteed by the government. This involvement comes with a limit in terms of the home you are allowed to buy. The acceptable home is one you will live in permanently. This information will, therefore, be required to determine whether or not an FHA home loan can satisfy you.
In addition to carrying out a lot of research, make sure you consult your loan officer. Ask the right questions and give truthful answers. In terms of the documents, you will present, make sure they are all genuine.
Call our mortgage experts for more information!