Getting a mortgage loan to purchase a home is a critical step in the financial evolution of a family. However, not everyone has the required credit score to qualify for a standard mortgage loan. In such cases, they might still be eligible for an FHA loan, which is a government-backed mortgage offered to home buyers with poor credit history.
Mortgage lenders rely on a process called pre-approval to determine whether someone qualifies for a home loan. This process helps them determine the financial situation and payment ability of borrowers. Getting a FHA mortgage loan requires going through pre-approval. In this article, we explore how the FHA pre-approval process works.