we were pre approved for fha loan. does this mean we will probably get the loan?

Answer 1

if it was underwritten than the answer is yes....but if you have credit lates in the last 12months....then you have a chance of being denied.

FHA doesnt have a score requirement, but you cant have lates in the last 12months, you will need 2.25% down, pay for closing costs or have the seller pay for it.
you should be able to get a 6.75% or lower (depending on loan amount) for a 30yr fixed

Answer 2

When you were pre-approved for the loan, you should have been given a very detailed "conditions list" that was written by the underwriter and sent to you via the loan processor.

If you read over that, and know you can provide all of the documentation that is requested, in the timeframe requested, and nothing else changes, then you can rest assured that the loan will be approved when it goes back to the underwriter for FINAL approval...which won't happen until ALL conditions are in, and that's usually a day or two before closing.

PS: If you have not received such a conditions list, then you need to call your Loan Officer and ask where it is.

Answer 3

What Does Fha Approved Mean

Answer 4

I suggest you ask this question to your loan officer, if you have commited to one already. They are the ones who will be processing your loan and submitting it to the underwriter. They are also the ones who should have the experience given your income or credit situation by having seen many loan applications a day. Don't feel bad if you have to ask 10 questions a day? I have been doing it since the day we were preapproved for an FHA loan.

Answer 5

properly the 1st factor is to get off of the loan you have alongside with your husband, as which will go against your DTI. section time is yet another factor which will artwork against you. next do you have the charges linked with getting the loan? even however you will get 3% down, and have the sellers pay the remaining there are some upfront costs you ought to arise with, alongside with stable faith, inspections, insurance etc. Even concept those would be secure in sellers paying remaining they must be paid in basic terms before settling the deal.

Answer 6

You should, if they have already pulled your credit report, and you are able to prove to them what you disclosed to them to apply for the loan. Ex, prove income with paystubs, assets with bank statements, etc., prove you have sufficient funds to close. 'Full' approval is when every condition needed by the underwriter, including the appraisal, which may or may not pass the underwriter's approval is signed off on and you have a 'clear to close.'

Answer 7

It still has to go to the under writers, so be prepared for more question, But it has a lot to do with the house you pick out. i.e. Does it appraise above the contracted price. Also if this is your first house I can't stress enough how important an inspection is. The home owner is required by law to disclose what they know about the house but there could be some Major stuff wrong with the house that they don't know about.

Answer 8

Yes, unless you lied on the application. Don't quit your job right before closing and don't buy anything on credit before closing. Everything will be verified during the processing of your loan.

Answer 9

probably , yes..
But it isn't a guarantee.
Gotta be underwritten,

It's not done until it's CLOSED and funded.

Answer 10

Probably yes. But it must be underwritten.