How to Apply for an FHA Loan

The Federal Housing Administration (FHA), a part of the Federal Government, helps American families afford to purchase new homes by making the loan process very simple and affordable. In these unstable economic times, an FHA Loan can help ease the financial strain that homeownership can sometimes present. As with a conventional loan, it’s a good idea to familiarize yourself with the requirements of an FHA Loan before you apply so that you are assured of a quick and easy approval.

Benefits of FHA Loans

- The FHA makes it possible to qualify for loans for up to 96.5% of the total cost of the property
- As an FHA insured borrower, you will be able to take advantage of competitive interest rates
- No additional Private Mortgage Insurance (PMI) needs to be purchased
- The FHA offers flexible repayment plans and has lenient qualifying credit scores, making home loans accessible to more Americans

In order to qualify for an FHA Loan you will need a decent credit score. It’s a good idea to look at your credit report before applying so that you can take any necessary measures to bring it up.

Qualifying for the Loan

When applying for an FHA Loan, you will be required to provide your lender and the FHA two years worth of the following documents:
- Addresses of where you have lived
- Employment history
- W-2 tax forms
- IRS tax returns

In addition to these forms, you will need to provide your credit score, debt-to-income ratio and average bank balance.

Getting Started Today

It’s a good idea to get pre-approved for an FHA Loan before you start looking for a new house. Pre-approval does not necessarily mean you will automatically get the loan, but it’s a good way to find out if you meet the lender’s requirements. It’s also a great way to find out how big of a loan you can qualify for when it comes time to buy a house.

Right now we have a team of FHA specialists who would love to help you get started on the road to homeownership today. Simply take a minute to fill out our secure online form. Pre-approval is free, secure and has no obligations.

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