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
Article Source: http://www.ArticleBiz.com
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