The FHA Loan Process

1. Get your documents & finances in order.
2. Get pre-approved to determine how much you can borrow.
3. Work with our loan officers to find the best mortgage for you.
4. Close your loan and settle

You should start with taking a look at your credit report if you have a copy. We will use your credit report to measure of how you manage your finances. Good credit will get you lower rates and better terms. You may be surprised at your credit report’s contents because errors in reporting are common. If your credit report has errors, now is the time to clean them up. Our loan officers can help you with cleaning up or repairing your credit if necessary

We will need the following in order to process your loan:
Copy of two recent pay stubs (1 month worth) 
Copy of your two most recent W2s
(If you are self employed, you will need two years of tax returns and a YTD profit and loss statement)
Copy of your current mortgage statement
Verification of any additional income
A copy of your homeowner’s insurance policy
If you own any rental property, provide copies of the leases and two years of tax returns (make sure to include Schedule E)
Three months bank statements for each bank, 401K/IRA, stock and mutual fund account.
Provide a copy of divorce decree if applicable.
If you are not a US citizen, provide a copy of your green card (both sides)
If you are not a permanent resident provide a copy of your H1 or L1 visa.

Once we take your loan application we will let you know how much of a mortgage you qualify for. A pre-qualification gives you a no obligation fast and easy idea of what you can afford. It is a painless and helpful first step. Our pre-approval verifies your income, credit score and liabilities.

3) Work with our loan officers to find the best FHA mortgage for you.

Our loan officer will help you find the mortgage that fits your needs best. There are many of factors to consider. How much do you truly need to borrow? How many years should you take out your mortgage for? Should you use cash out to pay down debts and reduce your monthly expenses? Do you need to make any home improvements? Do you need money for your children's education or college? Based on your situation and needs, your FHA loan officer will show you which options you have to structure your mortgage. During the entire process, we are always there to answer any questions you may have.

We will review your loan application and supporting documentation with you to make sure that your loan package is complete and as strong as possible. Then your loan will be submitted to our experienced underwriters for approval. Our turn around time for our underwriting process is 24-48 hours from submittal.

For your closing you should bring the documentation that you've gathered during the mortgage processing and underwriting process. Your closing can be done at your house or at your local title company. You will sign the necessary legal documents and receive copies of all your closing documents.

There is a (3) business day wait until your funds are disbursed. Cash out can be sent to you by check or wired into your bank account.

Remember, never hesitate to ask questions if you are unsure of something. Ask us what ever you need to so that you understand the entire FHA mortgage process.