Frequently
Asked Questions (FAQ)
Q: What is an
FHA loan?
A:
An FHA loan is a real estate mortgage.
The mortgage is insured by FHA. Since
the FHA insures these mortgages, lenders
can work with borrowers even when they've
had credit problems, accounts forwarded
to collections, past bankruptcy filings,
or debt-to-income ratios that are higher
than normally allowed.
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Q: Can I get an FHA Mortgage?
A: Many more people qualify
for FHA mortgages than for traditional mortgages.
To find out if you qualify, speak with our affiliate
FHA Mortgage Specialists. They'll be able to
provide a definite answer, quickly.
Q: What if I have “bad credit”?
A: “Bad credit”
is a very misleading term. We've worked with
many people who described themselves as having
“bad credit” ? but who are now homeowners.
The truth is, there are no hard and fast credit
score requirements for an FHA loan. If you're
concerned about your credit score, it's best
to speak to our representatives directly. We
have programs that can accommodate credit scores
starting in the high 400s.
Q: Even if I've filed bankruptcy?
A: Yes. You may be able to
get an FHA loan even if you've filed for bankruptcy
in the past.
Q: Which houses/properties qualify?
A: Single family houses, duplexes,
triplexes, 1-4 unit primary residences, Planned
Urban Developments (PUDs), approved condominiums,
double-wide manufactured homes, and modular
or pre-cut housing are all eligible.
Q: Isn't it harder for houses to qualify
for an FHA mortgage than a traditional mortgage?
A: As of January of 2006, FHA
has eliminated most of the barriers to a property
qualifying. Generally, if a home is in good
enough condition to qualify for a traditional
mortgage, it will also qualify for an FHA mortgage.
Q: Do I have to use one of your Preferred
Real Estate Specialists?
A: You are not required to
work with our Preferred Real Estate Specialists.
You may work with any Real Estate agent you
choose. Offering you the option of working with
a Preferred Real Estate Specialist is just another
way that we help you become a homeowner.
Q: How much can I borrow?
A: Our affiliate FHA Mortgage
Specialists will help you determine how much
you can spend on your new home. FHA limits vary
by county; click here to check your local FHA
limits entp.hud.gov/idapp/html/hicostlook.cfm
hyperlink to that page
Q: How long does the process take?
A: During the initial phone
call, our mortgage specialist will spend as
long as you need to have all of your questions
answered to your satisfaction. Once you've found
a home, you can complete an application in as
little as 20 minutes. It takes an average of
30 days from the day your application is submitted
to close your mortgage.
Q: Where can I get the FHA mortgage?
A: We make it easy to get an
FHA mortgage in your community. You won't have
to visit an office or meet with a mortgage specialist
in person. Once you talk with one of our specialists
by phone, you can complete the rest of the process
by phone, fax, mail, and e-mail. It's that simple!
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