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FHA Loan

Those in need of an FHA (Federal Housing Administration) mortgage will find that some of the guidelines are different than conventional mortgages.  In general, the underwriting guidelines tend to be more lenient when compared to conventional loans.  When you’re attempting to obtain an FHA loan you still need an experienced mortgage loan officer to assist you with the procedure!

Experience is important when it comes to mortgage financing.  Learning about the factors that will influence rate, closing, down payment and other various expenses related to FHA mortgage financing is important when planning.  Understanding the mortgage process will also help to ease anxiety!  Handling the paperwork and being aware of the best time to make the application is really important.  For example, on purchase transactions, the best time to apply for a loan might be following the attorney review and home inspection.

Applicants who submit complete applications for FHA mortgage loans should have a better experience when trying to get approved.  In fact, I recommend that applicants supply all the necessary documentation up front for a smooth process.

Market conditions, as well as other factors, affect the interest rates for mortgages.  It is important to understand all the details that could affect the application for your loan, as these circumstances could change from one day to the next.  Gathering relevant information and helping you understand the transaction is something a mortgage loan officer should assist you with.  Speeding up the loan process is also possible if all the necessary documents are in your possession.  Since several of the documents could come from third parties, you need to be certain that you have them all so the process does not take any longer than it has to.

It’s a wise idea to spend some time with me before you start the mortgage process.  We can review all the details that will impact your loan application.  Your monthly debt, homeowners insurance and taxes are only some of the information which we’ll need to look at.  You might not be aware of all the requirements to get an FHA loan and the costs involved until you have a discussion with a mortgage loan officer who can fill you in!