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!
by Aline Augusto
Applying for FHA loans: affordable and accessible loans!
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!
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|
|APR||It depends on the lender offer||From 2.49% to 19.99% with autopay|
From 2.99% to 20.49% without autopay
|LOAN PURPOSE||Mortgage||Personal, including the purchase of house and land, home improvements, medical expenses, debt consolidation, wedding costs, preschool and K-12 expenses|
|LOAN AMOUNTS||From $420,860 to $970,800(it can vary according to the county)||From $5,000 to $100,000|
|CREDIT NEEDED||Poor||At least 660 – Good|
|TERMS||It depends on the lender offer||From 2 to 7 years|
|ORIGINATION FEE||It depends on the lender offer||None|
|LATE FEE||It depends on the lender offer||None|
|EARLY PAYOFF PENALTY||It depends on the lender offer||None|
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