First, before applying for an FHA loan who should know about the qualification process:
You should have consistent job, at least for 2 years with an employer.
- You should have higher credit score in the past two years. As for an FHA loan the minimum credit score required is 580.
- FHA loans are available for residential purpose. You need to make you that the property you are purchasing is for the live in.
- Generally 3.5% down payment is required for an FHA loan. You need to make sure that you are up with the down payment amount.
You can easily apply online for an FHA loan, but before filling out an application online, there are things needs to be looked at, like for various information which is very much required while filling a form. Make sure that you have all the documents ready with you to make it easy to answer all the questions. There are PDF available for online application.
Additionally, You can apply by filling a simple contact us form or filling a more time-consuming form that asks for all your details. Both will lead to the same road. It would be best to discuss what exactly you want with either the Broker or the Loan Officer of the company of your choice. Their are many lenders offering different loan packages with different conditions.
Many bigger companies have you fill out their forms so they can sell your contact information to brokers/lenders.
We are a broker in California and we partnered up with hundreds of lenders, so after you apply for a FHA loan we would find the best rate for your needs and lock the rate for you. you can always contact us if you have any questions. While an FHA loan is insured by the government you do not need to actually need to go through the government to apply for a FHA loan. Most banks, credit unions and mortgage companies offer FHA loans. If you are happy with who you currently do your banking with I would start there. You can search their website and they usually will have an option to apply on there.
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