Loan Qualifying

In today’s market, qualifying for a home loan is the most important part of the home purchase process. Based on your current credit criteria, HomesearchGPS.com has identified you as a possible candidate for a home mortgage loan* . If you received our offer by mail, congratulations, the first step has been taken. The remaining verifications needed to qualify you for this loan would include: reviewing your current and past income and your down payment or assets to qualify*. We have many government and down payment assistance programs that can help you access the down payment portion of these credentials! With interest rates and home prices in San Diego County reaching an all time low, it’s time to see if you can become a homeowner! With one phone call, we can help you identify such opportunities. We also encourage you to complete your online profile with HomesearchGPS.com to review possible properties you may qualify to purchase in your neighborhood.

The most popular and often referred to home loans today for firs t-time or returning homebuyers is an FHA loan. An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help credit-worthy, low-income and moderate-income families who do not meet requirements for conventional loans.

FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requireme nts are lower than conventional loans.

Some of the other benefits of FHA financing: