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Pre-approval is not the same as pre-qualification. It’s important to keep the two of those straight. While pre-qualifying can be helpful, it doesn’t carry anywhere near the same clout as getting pre-approved for a loan. Pre-qualification is generally the first step in shopping for a home and seeking a mortgage.

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How To Get Pre Approved For A Home Loan FHA home loans were designed to help Americans fulfill their dream of homeownership and are therefore the easiest type of real estate mortgage loan to qualify for.. to Newest, Lowest to Highest, Featured Reviews. Shopper Approved.

Getting approved for a home loan with bad credit is no easy task. Especially since the 2008 housing market crash, sub-prime loans almost disappeared. There’s great news though! FHA loans allow borrowers to have just a 500 credit score or higher to qualify.

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A mortgage pre-approval is a written statement from a lender that signifies a home-buyers qualification for a specific home loan. income, credit score, and debt are just some of the factors that go into the pre-approval process.

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Choose a home loan that’s perfect for you with a range of Mortgage and Home Equity options designed for Harvard University Employees Credit Union’s members.

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