Course 3 – Unit 4: FHA Loans: Qualifying for an FHA Loan

Qualifying For An FHA Mortgage

The process to qualify for an FHA mortgage is similar to how you might qualify for any other mortgage loan type. After giving a mortgage application to a lender — either by phone, by internet, or by app — you will be asked to provide documentation which supports the information you have provided. This will include providing W-2s, pay stubs, and federal tax returns; as well as bank statements and proof of employment.

You will not need to prove that you are a first-time home buyer in order to use the FHA home loan because the program is available to everyone. However, you will be asked to certify that the home you are purchasing will be your new primary residence within 60 days of your closing. FHA loans are not available for use on second homes, vacation properties, or investment units. FHA loans are for primary residences only.

Once you have made your verifications, your mortgage lender will review your documentation against the FHA’s official minimum standards. Known as the “FHA Guidelines,” these standards determine whether your loan is eligible for FHA mortgage insurance. Loans eligible for FHA mortgage insurance get approved and funded for closing.

SEE ALL Add a note
YOU
Add your Comment

Turbo Mortgage

Turbo Mortgage LLC is a mortgage broker, performing licensed loan origination services in Texas.

Sam Trantham- President/ Broker of Record
NMLS license number: 1752863

Turbo Mortgage LLC
1202 Lakeway Drive, Suite 5B
Lakeway, Texas 78734

top
Copyright © 2016 Turbo Mortgage. All rights reserved.

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV