Question:

How to approach the FHA mortgage approval process?

Answer:

It is important to start working on your FHA mortgage approval process at least several months before you actually want to move to a new place. That is advisable as you don't want to find out you are not eligible for the amount you want, or that your loan may need more time to close.

Shortly, begin your FHA mortgage approval with a pre-approval. Go to an FHA officer and spend time with them to walk you through the whole mortgage application process; you really need it when you are a first-time home buyer.

Demanding counseling early in the FHA mortgage approval process will save you time and effort when you finally submit an FHA application. A meeting with an FHA loan officer about pre-approval will take into account your income and credit score, as well as inform you about loan documentation and identify weaknesses on the credit report. Having enough time to fix those will get you closer to your loan and your house.

Finally, when a pre-approval ends, the FHA agent will sign a recommendation letter for you to present to a realtor, working with FHA mortgage loans. Also, at this stage of your loan application, you may like to have the FHA loan officer that consulted you talk to the real estate agent before you end up in a purchase with terms you do not understand. Bear in mind, an FHA mortgage loan should not have any prepayment penalties.

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