The Process / User Experience
It is our goal provide you with a clear obtainable path to homeownership, below you will find the common steps in the process. We want to be as clear as we can to you so you can understand the whole process. Should you have any questions about the actual loan process please ask your Loan Officer once you have applied on our site. They will be able to provide you with a free consultation which will answer all of your questions. Some of the steps might seem confusing but do not worry your Loan Officer will be holding your hand and guiding you the whole time. Remember their goal is to finish your mortgage in a timely manor.
1. You request a free consultation on our site for a FHA mortgage product.
2. We take your basic information and match it to a local FHA loan officer which is fully licensed to work in your state. Out of no more then 4 Loan Officers you choose the one that has the best offer for your situation. You have the control. Make sure you look at all offers carefully.
3. Your FHA loan officer will call you to arrange your consultation so please be sure to provide a valid phone number and call time.
4. After your initial consultation you will then go on to an official mortgage application if you agree to the terms and conditions of your loan officer and underwriting bank.
5. You will either be approved or given a path to homeownership here.
6. Once you have completed the credit requirements the FHA loan officer will scheduled an appraisal of the property to determine its real value.
7. Sale price is either adjusted or accepted with the seller.
8. You will be required to shop for home insurance and have it active before you close.
9. Closing – once all conditions are met you will be ready to close. Your downpayment and closing costs will be released from escrow and you will own the house.
10. FHA loans have PMI for the life of the loan – this is private mortgage insurance which is a guarantee for the bank in case you default. The PMI for FHA mortgages is much less then commercial mortgages because the FHA is also backing the loan.
11. Make your payments on time each month and enjoy your home. Note that if you miss payments you risk foreclosure.