Georgia FHA Mortgages: How To Get Your Loan Approved

by: BrendaPuckett
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When applying for a mortgage, the lender you have chosen will take many factors into account. These factors not only influence what type of loans you can qualify for but also what your monthly payments will be and how many years you will take to pay the loan off completely.

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.

Basic factors come into consideration when applying for any type of loan, but they can make the most difference when you apply for the largest of personal loans, a mortgage. The first factor taken into consideration is your 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 frequently have errors which need to be corrected. It is possible to get them corrected at the source by challenging incorrect information. This will improve your credit score. Pay off all credit balances but don't close any accounts.

The size of your down payment can make a huge difference in your chances of being approved. If you have credit problems, the bigger the down payment, the less impact from your credit score.

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 assure your mortgage approval by calling Brenda Puckett with Home America Mortgage. Brenda is a 20 plus year veteran of the mortgage and real estwithe businesses who knows how to improve your credit score.  

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