Mortgage Loan Preapproval and Loan Prequalification After basic calculations have been done and a financial statement has been completed, the borrower can ask the lender for a prequalification letter. What the prequalification letter states is that loan approval is likely based on credit history and income.
VA Loan prequalification is your first step toward homeownership. Learn about the goals of prequalification and what to expect during the process.. For VA loans, this key mortgage industry metric looks at your monthly debts in relation to your overall monthly income.
lowest mortgage rates today fha loan owner occupancy requirements FHA loan requirements. borrowers who are interested in buying a home with an FHA loan with the low down payment amount of 3.5% must have a minimum FICO score of 580 to qualify.