Question:

How to become an FHA approved lender?

Answer:

Requirements for becoming FHA approved lender vary depending on the type of desired certification. Title II is obtained for home purchases, refinances and reverse mortgages. Title I is applicable for lenders working with home improvement loans. Both require filling in and submitting an application along with non-refundable application fee commonly worth $1,000.

Some general requirements for becoming an FHA approved lender are as follows:

  • The mortgagee seeking approval must be some type of US-based institution, whether a corporation or a partnership, represented by at least two people.
  • For initial approval, any applicant must show evidence of an adjusted net worth of no less than $250,000 and have liquid assets of either 20% of it, or of $100,000 whichever is lesser.
  • The office premises should be located in a commercial space apart from another business entity, should be well-equipped and bear a permanent clearly identified sign.
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Common misspellings: mortage and morgage