{"id":42872,"date":"2010-11-07T22:33:34","date_gmt":"2010-11-07T22:33:34","guid":{"rendered":"https:\/\/www.ewmrealestate.com\/blog\/?p=42872"},"modified":"2019-04-17T20:21:28","modified_gmt":"2019-04-17T20:21:28","slug":"loans-approvals","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/loans-approvals\/","title":{"rendered":"Loans Approvals"},"content":{"rendered":"

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Before a realtor can show a home to a client, that client must show a loan preapproval letter from a Mortgage Consultant. The three types of loans are Conventional, FHA, and VA. Otherwise, the client will be a cash buyer and must show proof of funds in his or her bank or brokerage account such as Fidelity or\u00a0Schwav.<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0 Starting in 1944, VA loans<\/a> have approved more than 19 million loans for homes. VA loans are for Veterans and military personnel who need to buy a\u00a0property\u00a0or refinance their current loan. Usually, no downpayment is required for a VA loan. \u00a0FHA or Federal Housing Administration<\/a> insures loans usually for first time buyers, buyers without a perfect credit rating, and requires a\u00a0\u00a03% down payment which is a\u00a0lower down payment than required for\u00a0a conventional loan.<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Conventional loans usually require a more perfect credit rating than a FHA loan to qualify and may require higher interest rates or fees than a FHA loan. If the buyer qualifies for a FHA and a Conventional loan, a good way to decide which loan is less expensive is to compare the fees, interest rates, mortgage insurance, and required down payment.<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0I always refer my clients to the most professional Mortgage Consultant\u00a0who will check my buyer’s credit\u00a0and advise him or her as to which loan he or she best qualifies for.\u00a0 After being approved for a loan,\u00a0\u00a0the buyer can purchase or rent a home for a prise as high as his or her loan is approved for. In the meantime, a client can use a mortgage\/loan calculator <\/a>\u00a0to estimate his or her mortgage or loan before the buyer makes an appoint ment to\u00a0talk to a\u00a0Mortgage Consultant, to have a general estimate of what to expect.<\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Before a realtor can show a home to a client, that client must show a loan preapproval letter from a Mortgage Consultant. The three types of loans are Conventional, FHA, and VA. Otherwise, the client will be a cash buyer and must show proof of funds in his or her bank or brokerage account<\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":5395,"featured_media":130092,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"\nLoans Approvals - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/loans-approvals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Loans Approvals - BHHS EWM Realty\" \/>\n<meta property=\"og:description\" content=\"\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Before a realtor can show a home to a client, that client must show a loan preapproval letter from a Mortgage Consultant. The three types of loans are Conventional, FHA, and VA. 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