If you are interested in buying a home and you have been giving it some thought for awhile you may be wondering how you go about getting an FHA home loan. Many consumers are hearing about the FHA insured loans and they have decided that this may very well be a great option for them. Since the 1930's more than 30 million people have taken advantage of these loans and they remain a viable option for a large number of possible home buyers.
Apply for an FHA home loan
It surprises many people to learn that they don't simply call up or write to the Federal Housing Administration or FHA for their loan. Instead, you need to go through a lender or a mortgage broker to get an FHA home loan. What many don't realize is that the Federal Housing Administration does not actually provide the loan. The FHA works with specific lenders who will actually provide the loan, and then if the borrower meets the requirements of the FHA they will provide the lender with insurance against default.
So, if you want to apply for one of these loans you need to find a lender or a mortgage broker that will provide you with the financing that you need. It is not difficult to find a lender or a mortgage broker, in fact if you look in your local yellow pages under loans or mortgages you will likely find thousands of listings of people that would love to work with you. What you need to do is find a lender or a broker that originates FHA insured loans, and you probably will not have a difficult time finding these people, either!
When you get in contact with a lender or a mortgage broker you can tell them that you are interested in applying for an FHAL loan but you need to know that they may have loan programs that they believe are better suited to you. In fact, depending on your debt to income ratio, your credit, and other circumstances you may not qualify for an FHA insured loan. The requirements are quite broad though, so there is a very real possibility that this will be an option for you.
When you apply for an FHA home loan you will need to provide a lot of information to the lender or mortgage broker during the application process. You'll need to provide your full legal name, date of birth, address, social security number, and address. In addition you'll need to provide proof of income, bank statements, and perhaps tax documents from the previous year. If you have had credit problems in the past you may also need to provide letters of credit to the lender or mortgage broker. It is a lot of information, but most of it should be simple for you to provide and if you go in prepared to give them this information you'll find the application process is quite simple.
Applying for this type of loan is really simple once you find a broker or lender to work with. Before you accept an offer you should shop around a little bit to make sure that you are getting the best deal for you and your situation. Not every loan is the same, so check it out and compare the offers that you get!
By : IC
