July 17th, 2011 7:57 PM by Bob Rutledge
If the last time you applied for a FHA mortgage loan in St. Louis, St. Charles or anywherre in the State of Missouri was several years ago the experience was likely very different from what you will encounter this time around. Borrowers were often easily approved for much higher loan amounts than they were even interested in (or could reasonably afford, but that’s another issue.) In the past few years as the market saw a dramatic increase in loan defaults, falling home values, and a tough economy nationwide, banks and mortgage lenders have become much more picky about who they will lend money to. You might also hear this referred to as “tightening underwriting standards.”
Today, there is more concern that borrowers won’t be able to pay back the loans as agreed. It’s the lender’s responsibility to carefully review the application to make sure it’s not an overly risky loan, and as an FHA loan applicant there’s a lot you can do to help present yourself in the best possible light.
My name is Bob Rutledge and I have been a mortgage professional for over 15 years. I specialize in helping first time home buyers get the best mortgage possible through down payment assistance, lender paid closing costs, and knowing FHA mortgages very well.
If you have questions or would like to discuss your situation, possibly get pre-approved please feel free to contact me at any time.