Some people might be interested in FHA home loan. If you want to apply for an FHA home loan, you need to pass the following steps. The first one is to make sure that you are qualified to get it. One of the requirements is that you need to prove that you have steady employment. It should be from the same line of your work for about 2 years. Besides that, you need to intend to live on the property that you had bought because FHA loan only available for main residence occupancy. The second one is to meet with the FHA broker. Make sure the one in your area is the approved one.
If you found one, then you need to save money as the following step to apply for an FHA home loan. It is because almost all home loan need down payment. Down payment is a percentage from the total purchase price that you need to pay up front. Even though FHA loan only has small amount of it, it will be better to save now so that you will not be in trouble for later. Generally, FHA loan only has 3.5 percent from the total cost that you need to pay up front. If you need the loan immediately but you do not have the money, you can ask your family member to pay on your behalf. Make a clear agreement so that there will not be any misunderstanding between you and your family member in the future.
After that, you need to prepare the documents. What are the documents needed? It usually consists of your employment status, personal information, saving as well as credit. If you already have it all, then you need to complete the loan application. Fill it carefully based on your situation that you had at that moment. Avoid guessing some information that you do not know. It will be better to ask it to avoid big trouble in the future. Make sure that the property you want appraised as well. After completing your loan application, you need to complete your transaction by giving a sign on the closing paper. Do not be in a rush, read the agreement carefully and ask for clarification for anything that you feel it is confusing or you really do not know about it. By giving your sign, you already completed the last step to apply for an FHA home loan.