Getting pre-approved for an FHA 203k loan is the same general process as a typical FHA mortgage loan where a borrower’s credit, income, assets, and employment are reviewed by an underwriter.
The difference in the pre-approval process on 203k loans is that the property also goes through a separate approval checklist.
If you are considering an FHA 203k loan, it is obviously important to
shop for mortgage lenders who have experience with these types of
With the FHA 203k, the preapproval process is pretty simple. It’s honestly as basic as it is with any other preapproval. You’re gonna supply your income and your asset documentation and you’re going to work with your loan officer to make sure that your credit score, debt to incomes, and the assets that you need to close are going to be there. As long as that stuff is there, the preapproval process is the simple as doing any other loan. The things that become, you know, that add to really the process is really getting in to the property. SO until you have that property, the preapproval process is actually the same from whether it’s a regular FHA loan or an FHA 203k. Listen, thank you so much guys. I really appreciate you being here today on this podcast and this vlog, Renovate This!