Loans (US)

How to apply for FHA loans? A 101 guide to help you

If you have a poor credit score and are looking for your first house, this mortgage might be the one for you. Check out how to apply for FHA loans!

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by Aline Augusto

Published on 02/19/2022

Applying for FHA loans: affordable and accessible loans!

Find out how the application process works! Source: Pixabay.
Find out how the application process works! Source: Pixabay.

FHA means Federal Housing Administration, insured by the Department of Housing and Urban Development. FHA loans are a good option for those with a poor credit score who are planning to purchase their first home.

It is accessible and affordable.

So, learn how to apply for a loan with FHA!

Computadores e celular com site/aplicativo Blue Sky Financial; logo Blue Sky Financial

How to apply for Blue Sky Financial loans?

Get the best lender for you with the help of Blue Sky Financial!

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Apply online

 Learn more about the FHA loans. Source: Pexels.
Learn more about the FHA loans. Source: Pexels.

The first thing you need to do is find an FHA-approved lender. Most banks and mortgage companies provide this type of mortgage.

Then, submit a loan application. Most lenders will accept it online. But, it is best if you certify the terms, conditions, and requirements in advance.

After that, you must submit documentation, personal and financial information, and more. You should receive a loan estimate within some business days.

Also, the process will require a home inspection before closing the deal.

Apply using the app

No app is available.

FHA loan vs. LightStream Loans 

FHA loans are great deals for those first-time homebuyers with a lower credit score. But, the higher your score is, the better conditions you will get.

However, if you don’t qualify for FHA, you can apply for a conventional loan. Check it out!

FHA Loans LightStream Loans
APRIt depends on the lender offerFrom 2.49% to 19.99% with autopay
From 2.99% to 20.49% without autopay
LOAN PURPOSEMortgagePersonal, including the purchase of house and land, home improvements, medical expenses, debt consolidation, wedding costs, preschool and K-12 expenses
LOAN AMOUNTSFrom $420,860 to $970,800(it can vary according to the county)From $5,000 to $100,000
CREDIT NEEDEDPoorAt least 660 – Good 
TERMSIt depends on the lender offerFrom 2 to 7 years
ORIGINATION FEEIt depends on the lender offerNone
LATE FEEIt depends on the lender offerNone
EARLY PAYOFF PENALTYIt depends on the lender offerNone
Tela de computador e logo LightStream

How to apply for the LightStream personal loan?

LightStream personal loan offers large amounts at low rates so you can accomplish your goal! Check out how to apply for it!

About the author

Aline Augusto

My name is Aline Mesquita; I'm a writer here on the blog, where I write about finance in general and other subjects. I have been working with content creation for ten years. Also, I'm post-graduated in Project Management, with expertise in SEO practices. Currently, I am studying finance, market trends, and cryptocurrencies.

Reviewed by

Aline Barbosa

Senior Editor

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