30 FHA means that your credit, income, and assets, met or will meet the FHA guidelines for a 30 YR mortgage. This information is placed on a sales contract when you find a home you like so that the sellers understand you will be obtaining and securing a loan to purchase the property.
If this was given to you, Congratulations.....
Have a great weekend.
CEO & SR Credit & Mortgage Consultant of
Ex-Mortgage Broker of more than 10 years
Best of Luck!
It could mean a couple of things depending on the writer. Some lenders will review a borrower's credit history and issue a pre-approval letter. Other lenders will review the borrower's credit history, but will also request documentation to validate income, expenses and more to arrive at a better decision. That way, those lenders will be able to include in the letter that the borrower's documentation has been reviewed.
Incidentally, the pre-approval letter must often accompany any offer that is presented. Further, many agents will ask that such a letter be presented or obtained before they will work with a particular home buyer.
Georgia Real Estate Brokers Associate, REALTORÂ®, REALTISTÂ®, Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
â€¢ Two most recent years to W-2â€™s and Federal Income Tax returns
â€¢ Two most recent pay stubs
â€¢ Two most recent months of bank statements
This will all be reviewed along with your credit report to determine your qualifications. Once your Pre-Qualification request has been competed, you will know more about your purchasing options.
As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203K (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.
$175,000 could be your maximum qualifying amount. It could also just be the amount the Buyer requested.
If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.