FHA Home Loans
Get a quick quote on an FHA Home Loan & learn if you qualify.
FHA Loan Program Description
Misconceptions
High Interest Rates – FHA loans typically have competitive interest rates compared to other loan programs, and they may even be lower than conventional loans in some cases.
Must Be A First Time Home Buyer – FHA loans are intended for first-time home buyers, but you do not need to be a first-time home buyer to utilize an FHA loan. The “first time use” requirement to obtain an FHA loan is that you do not currently have an FHA loan.
Take Longer to Close – While FHA loans do require certain inspections and appraisals, they do not necessarily take longer to close than other loan programs. In fact, FHA loans can sometimes close faster than other loan programs because of the FHA’s appraisal process.
The FHA Loan Process
- Check Eligibility: Ensure your credit score and debt-to-income ratio meet FHA requirements.
- Find an FHA Lender: Choose a lender and compare offers.
- Get Pre-Approved: Submit financial details for pre-approval.
- Find a Home: Look for a property within FHA loan limits.
- Submit Application: Complete the loan application with required documents.
- Home Appraisal: The lender appraises the property to ensure it meets FHA standards.
- Loan Processing: Lender reviews and finalizes your loan.
