Purchasing A Home

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Finding The Best FHA Lenders Near You

Are you always eyeing the beautiful pieces of furniture and wall decor? Perhaps when you spot one that suits your taste, you’ll be dreaming of installing it in your dream home. You’ll imagine where to place it, and how it will improve the ambiance of your sanctuary. As an aspiring homeowner, you are undoubtedly keen on choosing the right furniture and home decor for your private place. In the same way, you also have to be interested in selecting the proper FHA lender in your area so you can fully realize your dream of having a new home.

FHA lenders are mortgage companies approved by the Federal Housing Administration (FHA) to provide loans to homebuyers. For these lenders to be FHA-approved, they have to submit themselves to the guidelines set by the federal government. If ever you want an FHA lender to help you in buying or even constructing your home, read on, and learn how to find the best FHA lender in the city.

Tips In Finding The Right FHA Lender

If you choose an FHA lender to finance your home loan, the following tips will serve as a guide in your search.

  • Use the HUD website search tool.

The Department of Housing and Urban Development (HUD) has this tool that enables you to have a list of FHA-approved lenders nearest you. Just enter your city and choose from among the mortgage companies you want to contact. You can then inquire about their approval process and submit your application once you are satisfied with their offers.

  • Find the FHA lender that matches your needs and financial status.

Before making the final transaction with an FHA lender, it is recommended to talk to several mortgage companies. This will enable you to make comparisons of their knowledge about FHA loans, rates or fees, customer service, physical location, and the type of customers they previously served.

  • Make sure that your FHA lender has integrity.

You have to see to it that the FHA lender you are dealing with is FHA-approved. Also, check out if it is a member of the Better Business Bureau (BBB) by confirming it on their website. Ensure also that it has no previous complaints by checking on their previous transactions. Check their past customer’s reviews, good or bad.

Qualifications for Pre-approval

To get ready for the pre-approval, these are the essential documents that you need to prepare:

  • Legible copy of your driver’s license;
  • Legible copy of your social security card;
  • Last 30-day paycheck stubs;
  • Last 2 years W2s;
  • Last 2 years Tax Returns and 1099s (if self-employed)
  • Recent 2 months bank statement.

There are also other documents that you need to prepare, and most of which will be discussed with you by your Loan Officer. During the processing of your file, be ready to submit additional documents that your lender might require. Remember that when you cooperate with your FHA lender, the faster you will get approved.

Final Thoughts

To ensure that you are getting the best FHA lender in the city, you have to do some detective work. This may require some time and effort on your part, but this stage will help you settle for the best FHA mortgage company. Only work with qualified home loan lenders for you to achieve your dream of having a home legally and smoothly. Then you can install all the home decor and furniture that you wish to have.