Understanding the FHA Loan Process
It is a common misconception that the FHA home loan process is daunting and harder to accomplish than other home mortgage options. The process of an FHA mortgage loan is not much different than any other type of home loan. Because we are an FHA approved lender and we have dedicated FHA Loan Specialists, we simplify the process for you. A typical FHA home loan can close in 30 days or less. We don’t outsource anything and everything is done in-house.
The first step in obtaining your new FHA Home Loan is a preliminary look at your particular situation in order to see if you are qualified and how much of a home you are qualified for.
Once you’re qualified, we will need to start getting your documents in order. We fast tracked the process for you to ensure you close on time.
Find a Home
It’s time to find a home if you haven’t done so already. When looking for a home, it always helps to have a preapproval letter in hand when making an offer on a home.
The subject property being purchased has to be appraised by an independent third party to determine value in relation to the purchase price of the home. File is submitted to Underwriting.
Clear to Close
Once your home appraisal is complete as your lender we will complete a full review of your credit and income and will verify assets and give a “Clear to Close” status. This initiates a date, place and time for you to sign all of your documents.
After you’ve sat down at the title company to sign all of your documents the property is then transferred to you and you receive the keys to your new home. Congratulations!