How to Get Approved for an FHA Loan

by | May 11, 2022

Photo of dark wood desk with paper clips, pens, a notebook and a pad of sticky notes with the words FHA Home Loan over a magnifying glass.

The perks of owning a home are numerous and well-established, making the prospect of first-time homeownership compelling for individuals of all ages across the United States. The continuous rent spikes that have defined the start of the decade have only ramped up prospective buyer interest. So, how do you go about purchasing a home? Critically, you’ll have to get approved for a mortgage first. If this is your first home purchase, there’s a great chance that an FHA loan will be the ideal avenue that empowers you to secure your home.  With help from the Golden Lenders team, it’s easier to get approved for an FHA loan than you might think!

The Requirements

At Golden Lenders, our top priority is to pair our clients with a loan that helps them secure their ideal home and a rate that they can afford. While the specifics of each individual’s situation may differ, we can generally work with the following requirements when working with FHA loans:

  • Credit Score: As low as 500.
  • Down Payment: 3.5%.
  • Debt-to-Income Ratio: As high as 57% Back End.

These low requirements make FHA loans the perfect choice for many first-time buyers.

Getting the Loan

If you have met these requirements, or even if you are rebuilding your credit and heading in the right direction, it’s time to look into securing your FHA loan! At Golden Lenders, we can guide you through the entire process from beginning to end:

  1. Get Pre-Approved. We look at basic information, such as client W2s and proof of assets in order to begin the loaning process.
  2. Complete the Golden Lenders FHA Loan Application and Credit Check.
  3. Provide necessary financial documentation for application review. We’ll make sure to tell you the exact documents to bringto keep the process as simple as possible.
  4. Property Appraisal. Once you’ve found what seems like the perfect home, an appraisal will confirm that it is indeed worth the amount you intend to borrow.
  5. Closing! After the mortgage is underwritten and processed, your closing appointment is the final step! Here, you will pay closing costs and celebrate your first day as a new homeowner!

Make an Informed Decision on Your Home Purchase with Golden Lenders

Golden Lenders helps home buyers in Colorado, Florida, California, and Ohio understand the different types of purchasing options that are available and provides loans to help people achieve the dream of homeownership. Since the specifics of which purchasing method to choose is dependent on a variety of factors, we encourage you to call us for more information and find out which is right for you. Our number is (303) 482-2361, or you can send us a message.