FHA FAQ

Answers to our most asked FHA Loan Questions

• How can I start my FHA mortgage application?:

 You can complete an FHA Pre-Approval Application online, and receive a reply within one business day.

 Whether you are ready today, in a few weeks, or would just like to see how much you qualify for.

 There is never an application fee and no obligation to receive your quote.

• Why do I need an FHA pre-approval?

 Obtaining a Pre-Approval is the first step in any FHA Loan Program.

 It lets all parties know you have reviewed the different types of FHA Home Loans and are serious about obtaining an FHA Home Lloan

• What information will you need for an FHA pre-approval?:

 To receive your pre-approval, we need very little.

 We do need to know the loan amount you think you may need, and an estimate of your credit (FICO) score.

 We also need you contact information in case your FHA Specialist has a quick question, and where they are to send your pre-qualification letter.

• How much home can I afford?

 Your FHA Loan Specialist will be able to give you a very accurate figure.

 They will ask you approximately how much you make each month, what other debts you may have, and explain what interest rate you qualify for.

• How much of a down-payment do i need?:

 For a standard FHA Loan, 3.5 percent is the current down payment requirement.

• Can I speed up the FHA Loan Approval Process?

 Absolutley!

 Many FHA loans can close in just a few days if you provide your FHA Representative with everything (documents) he or she needs in a timely manner.

• Can I buy a home with less than perfect credit?:

 Yes

 FHA Home Loans are designed to help people who have a few blemishes on their credit report.

 Your Credit Score will determine your final interest rate and down-payment amount.

• Do I need a Real Estate Agent?:

 No, you are not legally required to use a real estate agent to buy or sell a home.

 However, working with a real estate agent can be helpful and may save you time and money in the long run.