{"id":4216,"date":"2019-12-28T22:46:03","date_gmt":"2019-12-28T22:46:03","guid":{"rendered":"https:\/\/dreamhomefinancing.com\/?p=4216"},"modified":"2022-09-28T17:33:11","modified_gmt":"2022-09-28T21:33:11","slug":"easy-approval-mortgage","status":"publish","type":"post","link":"https:\/\/dreamhomefinancing.com\/easy-approval-mortgage\/","title":{"rendered":"Easy Approval Mortgage Guide &#8211; Fast Approvals"},"content":{"rendered":"<h1 style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Easy Approval Mortgage Guide<\/strong><\/span><\/h1>\n<p><span style=\"color: #000000;\"> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-4220\" src=\"https:\/\/dreamhomefinancing.com\/wp-content\/uploads\/2019\/12\/easy-approval-mortgage.jpg\" alt=\"easy approval mortgage\" width=\"660\" height=\"400\" data-pin-description=\"easy approval mortgage\" srcset=\"https:\/\/dreamhomefinancing.com\/wp-content\/uploads\/2019\/12\/easy-approval-mortgage.jpg 660w, https:\/\/dreamhomefinancing.com\/wp-content\/uploads\/2019\/12\/easy-approval-mortgage-300x182.jpg 300w\" sizes=\"(max-width: 660px) 100vw, 660px\" \/><\/span><\/p>\n<p><span style=\"color: #000000;\">If you are thinking of applying for a mortgage and are looking for easy approval mortgage options, there are some programs that are easier to be approved for. That being said, it will come down to how you define \u201ceasy approval mortgage\u201d.\u00a0 It could mean it is easy to get approved, or a simpler application process. We will cover both in this article.<\/span><\/p>\n<h3><span style=\"color: #000000;\"><strong>Easiest Mortgage to Get Approved For<\/strong><\/span><\/h3>\n<p><span style=\"color: #000000;\">The easiest mortgage to get approved for is an FHA loan. The FHA guidelines are extremely flexible and they make it very easy for as many people as possible to qualify for a mortgage. Here are some reasons why an FHA loan is an easy approval mortgage:<\/span><\/p>\n<ul>\n<li><span style=\"color: #000000;\">Credit scores as low as 500 permitted<\/span><\/li>\n<li><span style=\"color: #000000;\">Down payment requirement as little as 3.5%<\/span><\/li>\n<li><span style=\"color: #000000;\">Gift funds from a relative allowed for your down payment<\/span><\/li>\n<li><span style=\"color: #000000;\">You can roll closing costs into the loan<\/span><\/li>\n<li><span style=\"color: #000000;\">Sellers are permitted to contribute up to 6% of the purchase towards closing costs<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">Based upon the reasons above, FHA loans are the easiest mortgage to get approved for. However, they do require a lot of paperwork so the process is not that easy. The inspections are also very strict and sellers would be required to make all of the repairs before you can purchase the home.<\/span><\/p>\n<p><span style=\"color: #000000;\">There are many <a href=\"https:\/\/www.fhalenders.com\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #0000ff;\"><strong>FHA lenders<\/strong><\/span><\/a> who claim to offer FHA loans. However, not all of them will allow for credit scores as low as 500. Some of them also do not participate in FHA 203k rehab loans either.<\/span><\/p>\n<h3><span style=\"color: #000000;\"><strong>Easiest Mortgage to Apply for and Close <img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-4255\" src=\"https:\/\/dreamhomefinancing.com\/wp-content\/uploads\/2019\/12\/Easy-Approval-Mortgage-200x300.jpg\" alt=\"Easy Approval Mortgage\" width=\"200\" height=\"300\" data-pin-description=\"Easy Approval Mortgage\" srcset=\"https:\/\/dreamhomefinancing.com\/wp-content\/uploads\/2019\/12\/Easy-Approval-Mortgage-200x300.jpg 200w, https:\/\/dreamhomefinancing.com\/wp-content\/uploads\/2019\/12\/Easy-Approval-Mortgage-683x1024.jpg 683w, https:\/\/dreamhomefinancing.com\/wp-content\/uploads\/2019\/12\/Easy-Approval-Mortgage.jpg 735w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><\/strong><\/span><\/h3>\n<p><span style=\"color: #000000;\">The easiest mortgage to apply for from a paperwork and verification standpoint is a <a href=\"https:\/\/dreamhomefinancing.com\/LoworNoDocumentLoans.aspx\"><span style=\"color: #0000ff;\"><strong>No-Doc loan<\/strong><\/span><\/a>. These loan programs are different than what you may remember over a decade ago when you did not supply any documentation at all. However, the reduced documentation requirements make this the easiest mortgage to apply for.<\/span><\/p>\n<h3><span style=\"color: #000000;\"><strong>Easy Approval Mortgage for Self Employed Borrowers<\/strong><\/span><\/h3>\n<p><span style=\"color: #000000;\">If you are self-employed, the easiest mortgage to get approved for is the <a href=\"https:\/\/dreamhomefinancing.com\/BankStatementLoans.aspx\"><span style=\"color: #0000ff;\"><strong>bank statement loan<\/strong><\/span><\/a>. Bank statement loans were created for self-employed individuals who cannot fully document their income.<\/span><\/p>\n<p><span style=\"color: #000000;\">How it works is you provide 12-24 month\u2019s bank statements to show the average monthly deposits over that time. The <a href=\"https:\/\/dreamhomefinancing.com\/non-qm-lenders\/\"><strong><span style=\"color: #0000ff;\">non-QM lender<\/span><\/strong><\/a> will use that average (or a percentage of the average) as the monthly gross income on your mortgage application.<\/span><\/p>\n<p><span style=\"color: #000000;\">No tax returns or P&amp;L statements are required. This makes the bank statement loan an easy approval mortgage for self-employed home buyers. If they were applying for a conventional loan, the process would be much more difficult.<\/span><\/p>\n<h3><span style=\"color: #000000;\"><strong>Easiest Mortgage Approval for Construction Loans<\/strong><\/span><\/h3>\n<p><span style=\"color: #000000;\">Once again, we will say the FHA loan is the easiest mortgage to get approved for. The FHA offers a construction loan which not only is easy from an approval standpoint, but it is also a one-time close construction loan.<\/span><\/p>\n<p><span style=\"color: #000000;\">One-time close means you close on just one loan and everything is paid for from the purchase of the land, to the payments to the contractor, to the final loan you end up with after the construction is completed and you move in. All of this with the low down payment of an FHA loan.<\/span><\/p>\n<h3><span style=\"color: #000000;\"><strong>Easy Mortgage Approval for Refinances<\/strong><\/span><\/h3>\n<p><span style=\"color: #000000;\">The FHA streamline refinance gets our vote as the easiest mortgage to get a refinance approval for. The paperwork on the FHA streamline refinance is much easier. They do not require you to get a new appraisal which saves time and money. You can also roll the closing costs into the loan. This is a great option for you if you are simply looking for a lower rate.<\/span><\/p>\n<h3><span style=\"color: #000000;\"><strong>Easy Mortgage Approval with No Down Payment<\/strong><\/span><\/h3>\n<p><span style=\"color: #000000;\">For borrowers who have no down payment, the easiest mortgage to get approved for is the <a href=\"https:\/\/dreamhomefinancing.com\/USDAMortgageLoans.aspx\"><strong><span style=\"color: #0000ff;\">USDA loan<\/span><\/strong><\/a>. <a href=\"https:\/\/dreamhomefinancing.com\/VAHomeLoans.aspx\"><span style=\"color: #0000ff;\"><strong>VA loans<\/strong><\/span><\/a> also require no down payment but the paperwork needed for the approval is significant. Everything required to prove you are a veteran or active military is anything but easy. It is for this reason that USDA loans are the easiest mortgages to get an approval for with no down payment.<\/span><\/p>\n<p><span style=\"color: #000000;\">Keep in mind that USDA loans are for homes located in rural areas that are approved by the USDA. They have a simple lookup tool where you can see if a property sits in an approved area.<\/span><\/p>\n<h3><strong>Easiest Mortgage Approval for a Condo<\/strong><\/h3>\n<p>If you are purchasing a condo, the easiest mortgage to choose would be a <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/dreamhomefinancing.com\/ConventionalLoans.aspx\">conventional mortgage<\/a><\/span><\/strong>. Although the guidelines are not as flexible as an FHA loan, the issue is with getting the condo association approved.<\/p>\n<p>FHA and other loan programs require quite a bit when it comes to approving the condominium project and the association in addition to your mortgage. Conventional mortgages require less from a condo approval standpoint than the others.<\/p>\n<p>If you need a <a href=\"https:\/\/dreamhomefinancing.com\/non-warrantable-condo-loans\/\"><strong><span style=\"color: #0000ff;\">non-warrantable condo loan<\/span><\/strong><\/a>, then that creates other issues and you may need to work with a <a href=\"https:\/\/dreamhomefinancing.com\/non-bank-mortgage-lenders\/\"><strong><span style=\"color: #0000ff;\">non-bank lender<\/span><\/strong><\/a> to find financing.<\/p>\n<h3><span style=\"color: #000000;\"><strong>Other Factors for an Easy Mortgage Approval<\/strong><\/span><\/h3>\n<p><span style=\"color: #000000;\">It is not just the type of mortgage that makes approvals easy or difficult. First, you need to <a href=\"https:\/\/dreamhomefinancing.com\/how-to-find-a-good-loan-officer\/\"><span style=\"color: #0000ff;\"><strong>find a good loan officer<\/strong><\/span><\/a> to work with. A good loan officer will make the process much easier than one who is not very experienced. They can often find ways to get you approved quicker and know how to work their internal systems.<\/span><\/p>\n<p><span style=\"color: #000000;\">Next, the processor and underwriter both play a part in whether your mortgage approval will be easy or difficult. Unfortunately, it is impossible to know whether you will end up with a good processor or underwriter when you are applying for a mortgage. Therefore, you really are relying on your loan officer to work with them to push your loan through.<\/span><\/p>\n<h3><strong><span style=\"color: #000000;\">Related Articles<\/span><\/strong><\/h3>\n<p><a href=\"https:\/\/dreamhomefinancing.com\/Mortgage-After-Foreclosure-Lenders-and-Options\/\"><span style=\"color: #0000ff;\"><strong>Finding a Mortgage After a Foreclosure<\/strong><\/span><\/a><\/p>\n<p><a href=\"https:\/\/dreamhomefinancing.com\/Do-Assets-Help-Get-A-Mortgage\/\"><span style=\"color: #0000ff;\"><strong>Do Assets Help to Get a Mortgage?<\/strong><\/span><\/a><\/p>\n<p><a href=\"https:\/\/dreamhomefinancing.com\/how-are-mortgage-rates-determined\/\"><span style=\"color: #0000ff;\"><strong>How are Mortgage Rates Determined?<\/strong><\/span><\/a><\/p>\n<p><a href=\"https:\/\/dreamhomefinancing.com\/BadCreditMortgages.aspx\"><span style=\"color: #0000ff;\"><strong>Getting a Mortgage with Bad Credit<\/strong><\/span><\/a><\/p>\n<p><strong><span style=\"color: #000000;\"><a href=\"https:\/\/dreamhomefinancing.com\/should-I-put-more-than-20-down-on-a-house\/\"><span style=\"color: #0000ff;\">Should I Put More than 20% Down on a House?<\/span><\/a><\/span><\/strong><\/p>\n<p><span style=\"font-size: 18pt; color: #808000;\"><strong>Discussion Topics<\/strong><\/span><\/p>\n<p><span style=\"color: #ff9900;\"><strong><a style=\"color: #ff9900;\" href=\"https:\/\/dreamhomefinancing.com\/category\/Mortgage-Advice\/\">Mortgage Advice<\/a><\/strong><\/span><\/p>\n<p><span style=\"color: #ff9900;\"><strong><a style=\"color: #ff9900;\" href=\"https:\/\/dreamhomefinancing.com\/category\/Buying-a-Home\/\">Buying a Home<\/a><\/strong><\/span><\/p>\n<p><span style=\"color: #ff9900;\"><strong><a style=\"color: #ff9900;\" href=\"https:\/\/dreamhomefinancing.com\/category\/Home-Improvement\/\">Home Improvement<\/a><\/strong><\/span><\/p>\n<p><span style=\"color: #ff9900;\"><strong><a style=\"color: #ff9900;\" href=\"https:\/\/dreamhomefinancing.com\/category\/Real-Estate\/\">Real Estate<\/a><\/strong><\/span><\/p>\n<p><span style=\"color: #ff9900;\"><strong><a style=\"color: #ff9900;\" href=\"https:\/\/dreamhomefinancing.com\/category\/Home-Finances\/\">Home Finances<\/a><\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Easy Approval Mortgage Guide If you are thinking of applying for a mortgage and are looking for easy approval mortgage options, there are some programs that are easier to be&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4220,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[190],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/posts\/4216"}],"collection":[{"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/comments?post=4216"}],"version-history":[{"count":8,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/posts\/4216\/revisions"}],"predecessor-version":[{"id":5487,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/posts\/4216\/revisions\/5487"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/media\/4220"}],"wp:attachment":[{"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/media?parent=4216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/categories?post=4216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/tags?post=4216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}