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Pre-Qualify for your loan today! It’s Quick & Easy.
Get Pre-Approved to Buy Your First Home
Before you begin your search for a house, it makes sense to get e-approved for a mortgage. This will help you determine a price range for your search and whether you are likely to be approved for the loan amount you’re interested in. This will also make you a stronger buyer in the eyes of sellers and their real estate agents because you’ve already had your financial history verified in the process and a mortgage professional has established what price range fits your personal budget .
Apply for a Mortgage
Once you have a property under contract you’ll be ready to submit a full application for a purchase mortgage. You and your mortgage consultant can do much of the preliminary work ahead of time, such as identifying which loan program fits your income and gathering supporting documentation, so that once you have a purchase contract in hand you can hit the ground running.
The Road to Approval
After your application is submitted, a whole team (including you) will be at work moving the loan towards approval. The mortgage consultant and loan processor will work together to complete the other aspects of the application, ordering an appraisal of the property, conducting a title search (looking for undisclosed liens on the property), and more. You will need to arrange for homeowners insurance, and dependent on your region, possibly flood, wind and hail, earthquake, or other specialty coverage. You may also be asked to provide additional information such as more current bank statements, an explanation of where a certain deposit came from etc. Try to obtain these documents quickly, as most purchase contracts specify a time frame within which closing must take place.
Closing
This is where you sign the documents finalizing both the purchase and the mortgage financing. Depending on where you live the closing might take place at an attorney’s office or with an escrow agent. Be sure to ask questions about anything that is unclear. After closing, you generally receive the keys to your new home. Now you can celebrate becoming a homeowner!
You can qualify with a lower credit score compared to other loans.
There are several benefits of an FHA Mortgage Loan:
- You can buy a home with a down payment as low as 3.5%
- If you already have an FHA loan, you can refinance with FHA Streamline to lower your interest rate.
- You may qualify even if you’ve had financial difficulties in the past, like a bankruptcy.
- You may be able to roll your closing costs into your loan.
Properties Eligible for an FHA Mortgage Loan
The following are several examples of properties that are eligible for an FHA Mortgage Loan:
- Single Family Homes
- Multi-Family Homes
- Mobile or Manufactured Homes
- Condos
- Certain Types of Investment Properties
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Refinancing: Please review all of your refinancing options carefully. By refinancing you existing loan, your total finance charges may be higher over the life of the loan.
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