Applying for an FHA Loan (Steps to Take)

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FHA Loans are a popular choice for home buyers, both new and repeat. Whether it’s your time buying a home or you’re made several home purchases in the past, an FHA Loan from Mid America Mortgage, Inc. may help you achieve homeownership more affordably.

Are you ready to apply for an FHA Loan? Take a look at the steps below to make sure you’re on the right path.

Questions or concerns? Feel free to contact us.

  • Search our branch directory or call 866-544-7013 to speak with a mortgage professional serving your area.
  • Pre-Qualify
  • Use the Rate Quote Form on this page to request additional information.

Steps to Take When Applying for an FHA Loan

Check Eligibility Requirements

Before you get to wrapped up in the FHA Loan application process, make sure you meet the necessary requirements for eligibility. You’ll probably need to talk to your mortgage lender for exact details on eligibility requirements, but you can get a general idea of whether or not you qualify by checking these guidelines:
  • You have 2 years steady employment where your income has remained steady or increased.
  • Your credit score is 620 or higher with fewer than 2 30-day late payments in the past 2 years. Note that some lenders may accept lower credit scores. The FHA requires a minimum credit score of 580 in order to insure a loan.
  • You have not declared bankruptcy in the past 2 years or had a foreclosure in the past 3 years.
  • The home you are buying is going to be used as your primary residence.
  • You can make the down payment (usually 3.5% of the total cost of the loan).

Meet with an FHA-Approved Lender

Not just any lender can give out FHA Loans. Only mortgage lenders that are federally approved by the FHA can offer these loans. Set up an appointment to talk to an FHA-approved mortgage lender and have him or her review your qualifications. Mid America Mortgage, Inc. is an FHA-approved lender serving borrowers in AZ, CA, FL, IN, NV, OH, OK, TX and WA. We’ll be more than happy to assist you in your FHA Loan application and answer any questions you may have.

Start Saving for the Down Payment

While FHA Loans don’t require as big of a down payment as conventional loans, you’ll still need to save up some cash to make the 3.5% requirement. If you have trouble saving up the money, you could also look into down payment assistance programs in your area. These programs generally help lower income or credit damaged individuals and families. FHA Loans are also one of the few loan options that allow the down payment to be gifted from an approved source. Here is a list of who/what the FHA considers an “approved source:”
  • The borrower’s relative
  • The borrower’s employer or labor union
  • A close friend with a documented interest in the borrower
  • A charitable organization
  • A governmental agency or public entity that offers homeownership assistance programs to low- and moderate-income families, or first time home buyers.

Produce the Necessary Documents

Once you get to the point where you’re ready to move forward with the loan application, you’ll need to provide your lender with all the necessary paperwork and documentation so that he or she or the underwriter can start verifying your information. For the loan application, you’ll have to provide documents that prove your employment status, credit information, etc. Be prepared to bring the following when applying for an FHA Loan:

  • Addresses of the locations you lived the last 2 years.
  • The addresses and names of your employers the last 2 years, plus your salary information
  • Valid W2 forms for the past 2 years.
  • Income tax forms submitted the past 2 years.

Submit Your Application

Your FHA lender will supply you with the FHA Loan application. Fill it out as completely and carefully as possible. If there is anything on the application that you’re unsure about, ask your lender for clarification. Don’t ever guess or give estimates on your mortgage application – be absolutely sure and exact in your answers!

  • Addresses of the locations you lived the last 2 years.
  • The addresses and names of your employers the last 2 years, plus your salary information
  • Valid W2 forms for the past 2 years.
  • Income tax forms submitted the past 2 years.
Once your application is submitted, the next steps will be to arrange for the property to be appraised and inspected. Even if your loan application is approved, the deal could still fall through if there are problems with the inspection or appraisal. Talk to your loan officer or real estate agent for more information.

Please note the underwriting guidelines are subject to change. Contact one of our mortgage professionals today for the most up-to-date guidelines.

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Addison, TX 75001
Phone: 214-261-3300
Toll Free: 866-544-7013
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Lisle, IL 60532
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