How to get an FHA Loan

How to get an FHA Loan

By: Walter Hilliam

There are several processes that a person must follow for obtaining FHA home loans. These processes consist of the FHA loan application, the FHA loan processing, the submission, the underwriting of the FHA home loans, the FHA home loans approval, loan documents, funding the FHA home loans, recording and closing, the FHA home loans closing costs, property appraisal, and an extra note about closing delays.

With FHA home loans, the FHA loan application is an extremely important part of the whole loan process. The application is a summary of a person's loan file and the more accurate and complete the application is, the smoother the rest of the process with go. The application will contain all of the information that is needed in order for the underwriters to make their decision.

It is very important to have documents ready when filling out the FHA home loans application. You should have employment information, savings information, credit information, and personal information documents. If you are pursuing the FHA home loans for refinancing or you own rental property, then you must have the applicable documents for this as well.

After this stage of the FHA home loans qualifications, then comes the loan processing and this stage is composed of collecting several documents such as the FHA case number, verifications of employment, verifications of deposit, a credit report, escrow instructions, the preliminary title reports for the FHA home loans, the appraisal, letter of explanation, any additional supporting documents and any additional documents that were missing from the application process of the FHA home loans.

Once all of this paperwork is finished, then the next step of the FHA home loans is to have the loan submitted to the investor for the underwriting. This part of the FHA home loans process usually takes around two days.

The next process in the FHA home loans process is the underwriting which usually takes two to five days. This is where the underwriter will review all of the information that is submitted and render a loan decision. Once the underwriter has made his decision concerning the FHA home loans, he will then submit a decision in writing which could be in three forms. It could read "Approved" meaning everything meets the FHA home loans guideline, "Suspended" meaning there is more information needed in accordance to the FHA home loans guidelines, or "Denied" meaning aspects of the file do not meet the guidelines for FHA home loans approval.

Walter Hilliam owns and operates http://www.fha-loan-expert.com Fha Loan

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Prepaid Credit Cards - Who Should Apply For One?

Prepaid Credit Cards - Who Should Apply For One?

By: Dave Nichols

Prepaid Credit Cards are unlike typical credit cards as there is no actual line of credit. The card holder loads it with an amount of money, up to the predetermined card limit and then uses the card to make purchases in the same way as a typical credit card. So, who should consider applying for one?

What are Prepaid Credit Cards?

PrePaid Credit Cards are not a really a credit card, since no credit is offered by the card issuer: the card-holder spends money which has been "stored" via a prior deposit by the card-holder or someone else, such as a parent or employer. However, it carries a credit-card brand (Visa, MasterCard, American Express or Discover) and can be used in similar ways just as though it were a regular credit card.

Who should consider applying for one?

A major credit card is needed to make reservations for hotels, motels, car rentals and airline flights. Credit cards are also necessary when placing orders online or over the phone. So, pretty much everyone needs a credit card these days but who specifically can benefit from a Prepaid Credit Card?

Teenagers and Students

Perhaps your child mainly shops online or would prefer not to carry cash but due to a lack of any credit history they can not apply for a regular credit card. (And, let's face it you probably wouldn't want them to have one anyway). But, remember, it can be a great way to teach them basic budgeting.

Students often need credit cards for a variety of reasons. They make it easier to purchase a variety of goods and services and are great to have on hand in case of an emergency. But maybe they're not quite ready for a regular credit card. A prepaid credit card is just what they need.

People with poor or bad credit

Some people are rejected after filling out a credit card application because of poor or bad credit thereby denying them the advantages and convenience of a regular credit card. Does this mean a person with bad credit has to miss out completely? Not if that person has a prepaid credit card.

A prepaid credit card account is opened by depositing money into that account, much in the same way you would make a deposit to open a checking or savings account. Once you have money in your account, you're issued a prepaid credit card that can be used anywhere one would use a regular credit card.

For those with bad credit, the benefits of a prepaid credit card far outweigh the risks. They're able to reserve rental cars or hotel rooms, and don't have to worry about credit card bills and interest payments later.

Advantages of a Prepaid Credit Card

The best part of the prepaid credit card is that you can charge to your heart's content and you won't be in any debt. The money is yours and once it's gone, you can't spend any more until you make another deposit. There are no bills and no interest charges. It's the same principle as using a debit card linked to a savings or checking account.

Disadvantages of a Prepaid Credit Card

Well, you'll have to pay a small fee to set up the account. In addition, you'll have to pay additional fees every time you deposit more cash into your prepaid credit card account. Also note, certain types of service , like a monthly internet subscription may not accept a prepaid credit card.

Conclusion

If you're frustrated because a credit card is necessary to get by in today's world, but can't (or don't want to) apply for one consider a prepaid credit card. You'll have most of the advantages of a credit card, and you won't have to worry about interest charges. A prepaid credit card can be a pretty good deal.

Dave Nichols owns CardsWithRewards a website dedicated to finding the right Credit Card for you! To find out more about Prepaid Credit Cards and view card comparisons visit the site today!

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Bad credit loans are rewarding for you

Bad credit loans are rewarding for you

By: Gracy Bonsu

Suitable loan options are available even if your credit history is less than perfect. You can avail loan for your requirements at the verge of poor credit status. This is mainly because of ever growing competition in the UK loan market. There are now host of online lenders who are especially providing poor credit loans to people who have late payments, arrears, payment defaults, CCJs and IVAs or any other credit problem mentioned in their financial accounts. The lenders, however, will first of all make sure that such a deprived borrower is in a sound position of returning of the loan amount.

The lenders first take a good look at the repaying ability of the bad credit borrower. The documents of income and bank statements will be scrutinised before the loan approval. Once it is established that the concerned loan applicant can repay the loans in the assigned time, the lenders see the amount the borrower to borrow.

If you require greater loan amount, then the lender will ask you to pledge home or any of your valued immovable asset as security for cutting risks of bad credit loans. Secured poor credit loans are the source of comparatively lower rate of interest loans for the bad credit borrowers. The repayment duration ranges from 5 to 25 years and the repayment is done with equated monthly instalments. If smaller amount is your need then you can borrow it without any security. Interest rate however goes further higher on such unsecured loan plans because you already have poor credit. Smaller loan amount of up to £25000 is what you can borrow under such unsecured plans for up to 15 years or earlier.

Take a copy of your credit report from credit rating agencies before applying for the bad credit loans. Ensure that the report correctly mentions all positive developments regarding the payments you made in the recent past. It is prudent to go to a lender with improved credit score to avail best secured loans at better rate and terms-conditions. Pay off some debts or wait for some months before credit score goes up a bit and then you can avail loans at better rates. It is advisable to take bad credit credit loans from online lenders as they charge interest at competitive rates as against high rates of banks and financial institutions or any other offline lender. Ensure that you have made timely repayments towards the loan instalments so that your credit rating starts improving.

you can also apply for the bad credit loans for meeting personal ends. Personal demands that you awaited with much hope will take no longer to come in a colour of reality with these loans. Buying a car, spending holidays in far away destinations, weddings, higher educations and such can be materialised easily and your financial condition will also be on track. If you make regular payments of the borrowed amount your credit score gets improvement. Once the credit scores touch the satisfactory limit, loans will not be a nightmare for you.

For more information about loans: Bad Credit Loan, Cheap loan , Payday cash advance helps you to meet unplanned expenses Article Source: http://www.ArticleBiz.com