How to Get a FHA Home Loan

The FHA can assist home buyers by helping them obtain a home loan through an FHA-approved lender. The FHA will not give you any money themselves, but will promise the lender that they will pay the loan if you default on it. There are three main types of FHA loans available for home buyers. They include:

- A loan for first time home buyers
- A loan for mobile home buyers
- A loan for those who are buying a home that needs fixing up. Loan includes financing to pay for repairs.

So, what are the steps to getting an FHA loan? First, you need to choose which of the above three loans would be best for you. For example, while you may not be a first time home buyer, you may still qualify for the other two. If you know that you do not want a mobile home, then a fixer-upper would be your only choice. You will then need to go through the requirement list of the loan(s) you are interested in to determine if you qualify to receive it. Each of these loans will have their own qualification requirements, so it is important that you pay close attention to these before you go through the trouble of applying for the loan. There is an option to meet with a HUD-approved counselor before you apply, if you have questions or need guidance.

Before or after you apply for a FHA loan, you need to find a lender that is FHA-approved. If you look for a lender before applying for the FHA loan, be sure to make sure they are a lender that is approved by the FHA and that they know you will be applying for an FHA loan. This is important since you are more likely to be given a loan if they know that you are working with the FHA. During this phase, you will apply through the lender just as you would even if you were not working with the FHA. This includes having your credit report and income evaluated.

Once you are approved by both a lender and the FHA, it is time to find your new home. Since buying a home is a long-term commitment, make sure you plan for the future while home shopping. For example, if you plan to have 4 or more children, you should look for a home with a minimum of 3 bedrooms, even if there are only the two of you now. When you find your home, negotiate a fair and reasonable price and close the deal!