Buy A Home - FHA Home Loan Program
The home-buying process may seem confusing, but if you take things one step at a time, soon you will be moving into your new home!
Our FHA Loan specialists can guide to through the home-buying process and help you determine if you qualify for a FHA home loan. Click on the button below to fill out our quick-and-easy loan pre-qualification form and we will contact you to discuss your options.
6 Steps To Buying Your Home:
- Determine how much house you can comfortably afford:
What you can afford depends on your monthly income, family size, current monthly expenses, cost of property taxes and homeowners insurance, down payment, and the interest rate. The FHA Loan Place can provide assistance to you with this very important step.
- Get pre-qualified by a lender:
Your lender will check your credit, verify your income, and make sure you are an acceptable risk for an FHA loan. When they have determined that you are qualified, they will typically issue you an approval letter for the dollar amount you have been pre-qualified for. Many lenders charge an upfront application fee for this service, however this is a free service offered by the FHA Loan Place.
- Shop for a home:
This is the fun part! You may want to consult a realtor who is familiar with the local market. A realtor can simplify the process of finding a home by providing you lists of homes in your price range that have the features that are important to you. Since the seller pays the realtor's commission, there is not cost to you. They can also help with drawing up contracts, scheduling inspections, etc.
- Make an offer:
Go find the house you like, and make an offer. Keep in mind you can request that the seller pay up to 6% towards closing costs to minimize your out of pocket expense.
- Get an inspection:
Have a qualified home inspector check out the house. A few dollars spent here is much better than learning after you have closed on the house that you have just bought someone else's headache!
- Sign the papers:
Go to the closing office and sign the papers. Make sure you ask questions and understand everything you are signing. When this is final step is done, your ready to move into your new home!
