Many Florida first time home buyers often have questions about the FHA loan application process. Below we have listed the steps and what buyers can expect during the FHA pre qualification and application process.
The first step involves a conversation with the FHA mortgage specialist to discuss your family’s objuectives. During this time your FHA specialist will get a better understanding of what you are looking to achieve and have suggestions to help you meet your goals. Once this is complete the specialist can start a FHA loan application with you.
The FHA loan application process can generally be completed in as little as 15 min. During the FHA loan application process your specialist will ask you questions about your income, assets, job history, and living history among other things. Most of the information requested for your loan application will be things you already know by heart – your birth date, employment information, social security number, etc. Just be sure you know your exact income (salary or hourly rate) because this is important. You will probably also be asked to provide copies of income and asset documentation. This includes tax returns, W2, and bank statements.
Once your FHA loan application is complete your FHA specialist will review everything, including your credit report, to insure your application meets the FHA guidelines and requirements. The review process is generally completed all in the same day. Once your FHA application review is complete the loan specialist will contact you to discuss the details regarding pre approval amount, terms, payments, interest rates, etc.
At this time you will also receive a letter of pre qualification stating the amount you are approved for. This is also helpful to show any home sellers are you all good in regards to financing. Once the loan specialist receives all of your required underwriting documentation, they can submit your loan for full loan approval. This is when all the information you provided on your FHA loan application is checked verified by the FHA underwriter.
Questions? We are available to assist you 7 days a week. For quick service please submit the “Request Contact” form at the top right side of your screen. Mobile users can find the short Request Contact Form here. Please also be sure to visit www.FiveStarsMortgage.com for the latest mortgage info.