First-Time Home Buyers
Loans insured by the Federal Housing Authority (FHA) are designed to help everyone realize the dream of owning a home. And theyвЂ™re ideal for first-time home buyers! Because the FHA insures these mortgages, FHA lenders can work with borrowers who’ve had credit problems, collections, past bankruptcy filings, or debt-to-income ratios that are higher than normally allowed.
Applying for an FHA loan
Getting in touch with a specialist through MyFHA is simple. WeвЂ™ve combined the speed and ease of the Internet with the hands-on help our customers expect. Once you click online, we enter your information into our database and begin a preliminary review. Then, we match you with the right specialist for where you are right now.
During the phone interview, your specialist will discuss with you where you are right now and help you determine your best way forward. If you donвЂ™t pre-qualify right away, your specialist will suggest ways to improve your profile, so you may become eligible in the future. Within 10 minutes, youвЂ™ll usually know if you’re ready for a mortgage. The interview is also a great chance to get acquainted with your specialist, who will play an important role in your becoming a homeowner. Good communication with your will increase your chances of a successful and speedy process!
Processing a mortgage involves gathering documents to verify information. Forbes has an excellent article on assembling all of the documentation that you may need which may include (but is not limited to) W-2 forms, two-weeks of pay stubs, credit reports, and bank statements. After your approval, youвЂ™ll receive a pre-qualification that includes a checklist specific to your file. This checklist will itemize all of the things you must submit before receiving a commitment.
The closing is the “end of the line” in obtaining a mortgage. At the closing, you will sign all of the required mortgage documents. If itвЂ™s a new mortgage, youвЂ™ll collect your new keys and then take possession of your new home. If itвЂ™s a refinance, youвЂ™ll immediately start to enjoy the benefits of a new interest rate, cash out, or both!