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 they’re ideal for
first-time home buyers! Because the FHA insures these mortgages, FHA
lenders can work with borrowers regardless of credit problems,
collections, past bankruptcy filings, or debt-to-income ratios that
are higher than normally allowed.
Applying
for an FHA loan
Applying
for an FHA loan through MyFHA.net is simple. We’ve combined the
speed and ease of the Internet with the hands-on help our customers
expect. Once you apply online, we enter your information into our
database and begin a preliminary review. Within 24 hours, a loan
officer will contact you by e-mail or phone to schedule a phone
interview.
The
FHA Interview
During
the phone interview, your loan officer will go through your
application to determine your eligibility. If you don’t pre-qualify
right away, your loan officer will suggest ways to improve your
profile, so you may become eligible in the future. Within 10
minutes, you’ll know whether you’re eligible for an FHA loan. The
interview is also a great chance to get acquainted with your loan
officer, who plays an important role. Good communication with your
loan officer will increase your chances of pre-approval and speed the
processing of your loan!
Loan
Processing
Processing
an FHA loan involves gathering documents to verify the information in
your application. Documents may include (but are not limited to) W-2
forms, pay stubs, credit reports, and bank statements. After your
phone interview, you’ll receive a pre-qualification that includes a
checklist specific to your file. This checklist will itemize all of
the items you must submit to your loan officer before receiving a
loan commitment.
Closing your FHA loan
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 it’s a new mortgage, you’ll then take possession of your new
home. If it’s a refinance, you’ll start to enjoy the benefits of
a lower interest rate, cash out, or both!
Apply
Now! - No Application Fee
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