While it’s easy to think of the FHA as a mortgage insurance company that stands to profit from insuring mortgage loans, the FHA is actually a government agency that’s created to benefit homeownership and strengthen the mortgage market. And while it might seem like the FHA’s strict underwriting guidelines are there to keep you from getting approved for a mortgage, it’s actually there to protect you. The FHA does a thorough check of your income, savings, debt, and credit history to make sure you can afford the mortgage payments. That being said, the FHA isn’t nearly as difficult to get approved for as you might think. In fact, there are steps you can take to help ensure your mortgage is a top contender, regardless of the FHA’s underwriting standards.

Get Pre-App Reviewed

The first step to getting approved by the Main FHA Mortgage is to get a pre-app review. This can be done online, or on paper by contacting your primary mortgage lender and asking them to get you pre-approved. You can also make an appointment with a mortgage broker. By having your mortgage lender or mortgage broker pre-approve you, you’ve sent a signal to the FHA that you’re a serious homebuyer. That makes you a more attractive candidate for a mortgage, and it also increases your likelihood of getting your mortgage approved.

Show genuine financial need

The second step in getting your mortgage approved is showing genuine financial need. This means that you can’t just tell the FHA you have financial need. That’s not enough. You have to have documented proof that you can’t afford a mortgage without one. Fortunately, there are plenty of ways to prove you have genuine financial need, even if you don’t think you do. - Make sure your car is in good repair. If you can’t make payments on your car or it’s in poor shape, that reflects poorly on you and can help the FHA determine that you need a mortgage. - Have a house in good repair. Your home should be in good repair and able to be easily maintained. If you have a house that’s in disrepair or you can’t make payments on the house, that helps the FHA determine that you need a mortgage. - Have a co-signer who can help pay for your mortgage. If you have a parent or someone else who can co-sign your mortgage, that also helps the FHA determine that you need a mortgage.

Prove you can repay your mortgage debt

The third step in getting your mortgage approved is to show that you can repay your mortgage debt. This means that you have to have a solid financial plan in place to make sure you can make your mortgage payments on time, without a catch. Depending on your situation, you might have to prove this with a payout plan, payment schedule, or other documents. The easiest way to prove you can repay your mortgage debt is to start saving now. The sooner you put money away, the easier it is to pay off your mortgage debt in full. If you don’t have savings already, you can set up a savings account now. That way, you can start making regular contributions, which help show that you can repay your mortgage debt.