Depending on who your mortgage professional is, there is a quick FHA loan process. I personally have tons of experience with FHA, so I can get things done a lot faster but for those who don’t work with them enough this can be a problem. Following the proper steps can make things a lot easier, but if you don’t know what they are, then this articles is intended to help you figure them out.
Part of the quick FHA loan process when buying a home is to figure out how much you can afford. FHA has a calculation that is used to help determine this for you. FHA will compare your current gross income versus your existing debts. This will also be taken into account along with your interest rate, and your down payment if you are buying a home. Finding out what the maximum you can borrow isn’t the only thing you need to be looking at, and this can lead you down a path of disappointment when your mortgage professional points this out to you as well. So, looking at all of the combined factors will aid you in getting a realistic picture and provide you with a quick FHA loan process.
The second step is to get prequalified. You can go to www.fhaloansnow.net and used the FHA loan calculator along with filling out the form to get the information you need. This way, you will gain an understanding on what FHA is looking for and when you get the phone call, everything will be reviewed with you so that you understand why you qualify, and if you don’t at this time you will be provided with the facts on what you can do to change that.
Shopping for a home is the next step, and with the wide array of homes available this may help you narrow down your choices. Don’t rush into anything, but if you have been considering buying you probably already have something in mind that you would like to buy. You will definitely want to work with an agent that is experience in FHA home purchasing, as this can make FHA loan process quick too. Working with the wrong person can really do some damage, so it’s critical that you find this out up front. Don’t wait until you are in the middle of the fray and then you have only wasted time. This can also save you money when they are knowledgeable on seller concessions and how they work when going FHA. This is so important.
Make sure that your offer is contingent on the home inspection, so that you can get the true inside look at the house. This will give you more detailed information on the property that you need to make decisions. It is so important that you know more about the structure, construction and mechanical systems of the home. Identify anything that needs to be replaced or repaired. One example would be the heating and cooling systems, and when they are old beware as this can be a huge expenditure. FHA cannot lend you money on the repairs, and once you are in the house it’s yours to deal with. The saying “inspect what you expect” is so true. Don’t let it go unnoticed or you can pay so much more money down the road, and have a stressful situation on your hands.
Getting home owners insurance is another critical piece. Get yourself at least three quotes and then go from there. You must have insurance on the home, and it’s required on all FHA loans. This can also make the FHA loan process quick for you, so start doing this too once you have found a home and gotten the inspection. Don’t wait until the last minute, so that you don’t get caught at your job having to fax tons of paperwork, when it could have been done early on.
For more information on FHA loans, and to put in your application today, go to www.fhaloansnow.net, where you can use the FHA calculator and put in your application today, no matter what state you live in!
