How to apply for the FHA loan program in Houston
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FHA Loans Houston
2925 Richmond Ave #415, Houston, TX 77098 USA Phone:(866) 772-3802 |
In case you are a homebuyer in Houston who have been forfeiting your dreams of owning a home in the city due to lack of funds, then it is about time you sought the services of home loan lenders. This is because there are very many home loan programs that you could apply for one of them being the FHA loan. The FHA loan is insured and sponsored by the US government through Federal Housing Administration. Nonetheless, when applying for the home loan program, you will need to follow the right procedure, if you are to qualify for a high quality FHA mortgage loan in Houston. Below are some of the steps that you will need to follow when applying for the FHA loan.
Get Preapproved The first thing that you will need to do when applying for the FHA loan is getting preapproved. In lay man’s terms, this is where you present your documents that your FHA approved lender asks you to. Your lender will look at them so as to determine whether you are creditworthy. In case you qualify, they will in turn give you the amount that you are eligible for, so that you can find the home that best fits your budget. Complete Form 1003 After your lender informs you the amount of money that you are eligible for, you will in turn need to go to the Houston market to find the home to buy. Once you have found it, you will in turn be required to complete form 1003 where you will indicate the address of the home as well as your personal information. After you have completed filling the correct information on the form, you will in turn be required to deposit the same with your FHA approved lender. Get your home appraised It is a requirement of the FHA home loans in Houston that the home you intend to buy using the FHA home loan must be appraised. This is important as it tells your lender whether you are buying a good home and at the right price. You will therefore need to seek the services of a FHA approved home inspector. He or she will visit the home in question so as to determine whether your home is valued at the right price and its condition. He or she will then right a report which you will deposit with your lender. Get the home loan underwritten and approved After you have deposited the home appraisal report with your lender and they approve, you can start the process of underwriting the home loan. An underwriter will look into your application so as to determine whether you followed the right process and provided correct information. Once they approve, you can then close the home loan program and buy your dream home. |
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