FHA loans can make your homebuying dream a reality with competitive rates and a low down payment. Prepare for your FHA home loan with some important steps to make sure you can afford the mortgage.

FHA Loan for Homeowners

Purchasing a home is one of life's major landmarks and for some, it is even a dream come true. At FHA.com we understand the magnitude of this decision and it is our goal to make your transition into home ownership unforgettable. Regardless of whether this is your first or your fifth home purchase we will do our best to ensure that getting you into your new home is a pleasant and memorable experience.

FIRST STEPS

When you begin to seriously consider purchasing a new home it is important that you follow some simple steps to make sure that the process runs smoothly.

The first thing you should do is an analysis of your debt to income ratio. This important step will let you know what type of home you can afford based on your monthly income and expenses.

The next important step in purchasing a new home is to get pre-approved for a home loan. The peace of mind that comes with knowing that your mortgage loan and credit report have been approved will allow you to shop for your new home with confidence. And when you find a home and are ready to make an offer the fact that you have already been pre-approved for your loan amount will give the seller confidence in you as a buyer.

FHA NEWS and RELATED ARTICLES

One commonly asked FHA loan question involves down payment requirements. Many people want to know what the FHA loan down payment rules are for a particular state or zip code. A home is not eligible for an FHA loan unless it has adequate, dedicated areas for sleeping and cooking--things most house hunters would take for granted. Homes not designed with such areas can’t qualify for an FHA mortgage as-is. When an FHA borrower applies for a loan and the spouse does not co-sign or co-borrow, are there situations where the spouse would be obliged to sign loan documents? It’s a commonly asked question in states where community property laws exist.

ADDITIONAL ARTICLES