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FHA mortgage loans are for a specific purpose-buying or refinancing a home- and are not used for non-mortgage or refinance related issues such as personal loans. You can be approved for the amount required to buy the home, but don’t expect to get cash back on a home purchase loan.

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FHA Loan Articles

News and Updates for Homeowners

How FHA Home Loans Work

December 14, 2018 - Need to know how FHA mortgage loans work? There are a few simple guidelines you should remember when you decide to start looking for a home to buy with an FHA mortgage.

Remember that FHA mortgage loans are for a specific purpose-buying or refinancing a home- and are not used for non-mortgage or refinance related issues such as personal loans. You can be approved for the amount required to buy the home, but don’t expect to get cash back on a mortgage loan used to purchase, except as a refund where applicable.

Find the Home You Want to Buy And Talk to a Participating Lender

You will discuss loan applications with a lender when you are serious about making an offer on a particular home. Some borrowers go out and find the home and then contact a lender, but you can pre-qualify or get pre-approved ahead of your house hunt.

Doing so makes you a “serious buyer” which home sellers love. Not doing so may make you seem more like a window shopper.

Apply for an FHA Mortgage Loan

You apply for the loan when you are serious about buying, but the year leading up to that decision are very important-you will need to come to the FHA loan application process with 12 months of on-time payments on all financial obligations for best results.

Occupancy Required

Buying a home with an FHA mortgage requires the owner to occupy the home as the primary residence. If you are looking for any other kind of property besides one you can buy and live in as the owner (at least one person obligated on the FHA loan is required to do so) you won’t be approved for the FHA mortgage.

The Lender Checks Your Credit

The FHA lender will review your credit application, check your credit scores and payment history, review your employment data and verify it, etc. A decision to approve or deny your loan will be made within a time frame provided to you buy the lender.

When the Loan Is Approved, a Closing Date Will Be Set

The closing of the loan is technically when the buyer becomes the owner. The closing costs are paid, keys are arranged to be given to the new owner, and loan documents are signed.

The closing date of your mortgage is a big day, but don’t plan on scheduling your movers to come to the new home on closing day-sometimes the closing date may change or be delayed due to unforeseen circumstances.

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FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!