First Time Home Loans Frequently Asked Questions
Q: What is an FHA home loan?
A: An FHA home loan is a real estate mortgage. This home loan is insured by the government or the 'FHA' (Federal Housing Administration) . Since the FHA insures these mortgages, lenders can work with borrowers even when they've had credit problems, accounts forwarded to collections, past bankruptcy filings, or debt-to-income ratios that are higher than normally allowed.
Q: Can I get an FHA Mortgage?
A: More people qualify for FHA mortgages than for conventional mortgages. To find out if you qualify, complete one of out online applications, or contact our office to speak with an FHA Mortgage Specialists.
Q: Which houses/properties qualify?
A: Single family houses, duplexes, triplexes, 1-4 unit primary residences, Planned Urban Developments (PUDs), approved condominiums, double-wide manufactured homes, and modular or pre-cut housing are all eligible.
Q: Isn't it more difficult to qualify for an FHA mortgage than a conventional loan?
A: Actually, it's just the opposite. As of January of 2013, the FHA has eliminated most of the barriers to a property qualifying. An FHA Home Loan is now the easiest method to purchase or refinance a home
Q: How much can I borrow?
A: Our FHA Mortgage Specialists will help you determine how much you can spend on your new home, or refinance your existing home. . FHA limits vary by state; click here to check your
Local FHA Limits.
Q: How long does the FHA Loan Process take?
A: It takes an average of 14 days from the day your application is submitted to close your mortgage.
Q: Where can I get the FHA mortgage?
A: Once you complete your application and speak with one of our FHA Loan Specialists, you can complete the rest of the process by phone, fax, mail, and e-mail. It's that simple!