Qualifying for your dream job is very similar to being accepted and approved for an FHA mortgage loan within Southern California’s popular areas of Orange, Los Angeles, and Venture County. With your life’s details written in black and white, the characteristics of your behavior are shown through the elements of patterns coded in ways such as: past and current location of employment, the name and location of your employer, how long have you been employed within each company, past residences within the last two years, gross income, W-2 forms, current open loans, along with any and all additional information imperative in representing who you are.
To help ensure your mortgage process is filed correctly, a loan officer works alongside you in gathering each of the vital items necessary for each of the FHA loan requirements. Within these details, lenders are able to assess your ‘standards of qualifications’ and overall dependability as an approved home buyer; just as an employer would review your presented resume.
For a lender, key points are assessed when determining if you are a Qualified Buyer or a Credit Risk:
How much debt due you own over your monthly income?
How long do you or have you stayed with an employer?
What is your salary history?
What is your overall trend of financial behavior?
Are you getting a divorce?
Are you currently in a lawsuit?
All these questions and more are heavily considered when applying for a home loan.
Though lenders will assess each application as a sole applicant to others, FHA requires a loan officer to not only ensure that the details within the application are correct, but also verified.
Whether your dream home is within Orange County, Los Angeles County, or Venture County, it is important to reach out to a FHA loan representative to discuss your current situation within each of the FHA requirements so that you can build your plan, place each detail in motion, and eventually reach the desired position of being accepted by an FHA lender!