How to become an FHA approved lender?


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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