How to Get Guaranteed Loan Approval - Total Mortgage Blog
Abstract
Guaranteed home loans offer more people a chance at homeownership, but can everyone qualify? Guaranteed loan approval depends on the type of loan you're applying for and your mortgage lender, but many borrowers can qualify for a guaranteed loan even if they don't have the cash reserves or an impressive credit score. What Is a Guaranteed Mortgage Loan? A guaranteed mortgage loan is a home loan that a third party guarantees or assumes responsibility for if the borrower defaults on the loan. In many cases, a guaranteed loan is backed by the U.S. government as a VA loan, FHA loan, or USDA loan. How Guaranteed Mortgage Loans Works According to the Consumer Financial Protection Bureau, 29.3% of home purchase loans in 2021 were backed by the federal government. Without guaranteed mortgage loans, fewer borrowers would be able to qualify for a home loan. How a Get Guaranteed Loan Approval A guaranteed loan can be offered by any third-party lender, but in the mortgage industry, most are offered by the Federal Housing Administration, the Department of Veterans Affairs, and the U.S. Department of Agriculture. Apply for a Home Loan Today With Total Mortgage If you're interested in a guaranteed mortgage loan, most are offered through the Federal Housing Administration, the Department of Veterans Affairs, and the U.S. Department of Agriculture.
