Mortgage and Pre-Approval FAQ’s

Absolutely not! When you fill out our short simple form the only thing you are consenting to is for us to try and match you with one or multiple of our accredited lenders we work with. Once we’ve determined the appropriate lender(s), you will be contacted by them to have a quick consultation to determine your loan eligibility and how much you qualify for. The lender will request your permission to run a mortgage credit report.

If you’re concerned about your FICO scores and would like to improve your credit scores, we have lenders/partners that can quickly and legally improve your scores so you have a much greater chance of mortgage approval.

The Federal Housing Administration (FHA) requires a minimum 580 credit score to qualify for FHA 3.5% down down payment. Any potential borrowers with a 580 credit score or below will be required to put at least a 10% down payment. The FHA minimum credit score is 500 to buy or refinance a home. A good rule of thumb is to try to get your credit to at least a 620 or better. Click here to have one of our specialized lenders call you with more information.

HUD Homes are a very practical and inexpensive way to buy a home and make it all your own. HUD Homes are generally homes that need some work done to them. That could be something as small as new paint and carpet to much larger issues such as foundation problems. If you’re really wanting to find available HUD Homes, the best place to go look is the HUDHomestore. You can access them by clicking this link:

HUDHomestore

Absolutely not! From California to New York or Texas to Maine; our partners are licensed to offer mortgage products in all 50 states. FHA mortgage, VA mortgage, Jumbo loans and even Refinance. We even have partners/lenders that can help get your credit mortgage-ready so you can get the absolute best interest rate possible.

Yes you can apply for and receive a home loan pre-qualification letter before you find a home and in fact that may be the best thing you could do. When you apply for a loan in advance, your lender will issue a home loan pre-qualification letter subject to you finding your new home. You can use the loan pre-qualification letter to assure real estate brokers and sellers that you are a qualified buyer. The loan pre-qualification process helps assure that you are looking in the right price range to comfortably fit in your budget. Having been pre-qualified for a mortgage may also give more weight on any offer you make.

Mortgage insurance is certainly something every homeowner should have. But another safeguard you should look into is Flood insurance. Federal law requires all lenders to investigate whether or not each home they finance is in a special flood hazard area as defined by the Federal Emergency Management Agency (FEMA). Floods happen anytime, anywhere. But the Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994 help to ensure that you will be protected from financial losses caused by flooding. Home Loans For All uses a third party company who specializes in the reviewing of flood maps prepared by FEMA to determine if your home is located in a flood area. If it is, then flood mortgage insurance coverage will be required, since standard homeowner’s mortgage insurance does not protect you against damages from flooding. Mortgage insurance is something every homeowner needs. It’s there to ultimately protect you and your family.

Yes, you can borrow funds to use as your down payment. However, any loan you take out for a down payment must be secured by an asset that you own. If you own something of value that you could borrow funds against such as a car or another home, it is a perfectly acceptable source of funds. If you are planning on obtaining a loan, make sure to include the details of this loan in the Expenses section of the application.

For a more detailed explanation on the guidelines please check out the HUD Borrowing Guidelines.

Your lender will ask for the most recent year’s federal tax return to verify your rental income. They will review the Schedule E of the tax return to verify your rental income, after all expenses (minus depreciation). Since depreciation is a paper loss, it will not be counted against your rental income. If you have not owned the rental property for a complete tax year, they will ask for a copy of any leases you have executed and they will estimate the expenses of ownership.

Yes your second job income will definitely be considered for your home loan. Your lender should ask for copies of your pay stubs for your second job income. Also any recent pension check stubs or bank statements if those are deposited directly in your bank account. Sometimes it is necessary to verify that this income will continue for at least three years. Some pension or retirement plans do not provide income for life. This can usually be verified with a copy of your award letter. If you do not have an award letter, your lender can contact the source of this income directly for verification.