First Time Home Buyer

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!