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Georgia FHA Mortgages: Mortgage Approval Factors

Apr 12, 2008
When you apply for a mortgage, the lender will weigh many factors before making a decision. These factors determine which types of loan you qualify for and what the interest rate and terms will be.

Becoming aware of these factors and taking action to improve them all can give you a distinct advantage as you start the approval process that you hope will result in closing on your new property. Your actions can determine success or failure.

The basic factors apply for any type of loan approval, but they are particularly important when trying to get approved for what is probably the largest loan you will ever apply for. The most important factor is credit.

How good is your credit? Get copies of all of your credit reports from the 3 major consumer reporting companies and check each one for errors. These are available on the annualcreditreport.com website for free.

Credit reports commonly include inaccurate information which damages your credit score and needs to be corrected. You can challenge incorrect information directly at the source and greatly improve your credit score prior to applying for a loan Pay off all credit balances showing on your credit report if you can but don't close any accounts.

A large down payment will greatly improve your odds of approval. If you have had credit problems, the negative impact of your credit scores is a less influential deciding factor.

If your credit is excellent, a larger down payment will still help guarantee the very best mortgage terms.

The absolute most important rule is never lie to your lender. Do not tell them you have been on the job 5 years if you have only been there 6 months. These things will be followed up on and that will just cause a delay. Your mortgage originator is there to help you, so be honest and you will get the best possible loan approval.
About the Author
Find out more about how to guarantee your mortgage approval by contacting Brenda Puckett with Home America Mortgage . Brenda is a 20 plus year veteran of the mortgage industry and knows how to improve your credit score .
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