When you decide it might be time to prequalify for an FHA loan, whether you live in Florida now or plan to move here soon, you might be wondering exactly how you go about that process. How exactly do you get prequalified for an FHA mortgage?
Before you move much further down that path, it’s important to understand exactly what a “pre qualification” actually is in mortgage lingo. An FHA prequalification means that under the information provided to your FHA loan officer, you generally meet the guidelines that are set for FHA loans.
At this stage, nothing is really documented or verified. You may or may not have made a formal FHA application, you just want to know whether or not you can obtain an FHA loan in Florida and if so, approximately how much can you borrow.
To prequalify for an FHA mortgage, you will first speak with an FHA loan officer either on the phone, online, or face to face. The FHA mortgage specialist will ask you a few general questions to get an idea about your current situation, your goals, your income and the amount of funds you will have when it comes time to close on your new Florida home.
The loan officer will ask for your:
Gross Monthly Income
This is the amount of total household income from all borrowers that will be on the FHA loan. If you will be the only person on the loan, then only your income will be used. And remember, this is the monthly gross income, the income before any withholdings are deducted.
Along with how much you make each month, your FHA loan officer will want to know the nature of your job, what you do there and how long you’ve been at your current employer. FHA loans ask for approximately two years of current, full time employment. If you have part-time income in addition to your regular job, be prepared to provide two years’ worth of part time income from that job as well.
Cash on Hand
Your FHA loan officer will also prequalify you based upon the amount of funds needed to close on an FHA loan plus allow for additional closing costs that may be associated with the new FHA loan. This amount doesn’t necessarily mean how much money you have in your bank accounts today, but how much you will plan on having when it comes time to close on your new Florida home.
To prequalify for an FHA loan here in Florida, all it takes is a little time and answering a few questions. Once you have determined that you’re ready to make the move and apply for an FHA loan, your loan officer will then begin the documentation process that will complete the FHA loan approval process.
FHA Mortgage Source is Florida’s leading FHA loan resource. Please call us at ph: 800-743-7556 or submit the quick Info Request Form on the website.