Obtaining an FHA secured loan in a short period of time is not impossible. However, the overall landscape in the housing market has changed and the lending side of the industry has definitely been impacted. Because of losses due to poor lending practices that were experienced during the years following the bursting of the housing market bubble, the cost to obtain an FHA loan has been on a steady increase. This must be considered when you go to get an FHA loan.
There are changes in the requirements which some believe serve as indicators that the FHA is moving away from its original concept and client base (people with modest income and less than perfect credit, looking to make minimal initial investments with small down payments.
But for those of you that are still interested in obtaining FHA insured financing, there are several steps that may just expedite the process.
• Solicit the services of a professional mortgage broker. A broker will have knowledge and access to the lending resources that you qualify for and the knowledge of how to best manage the process to produce rapid results.
• Be sure to compile all necessary documents, such as Social Security Cards, Tax returns, any documents that prove certain accounts have been paid off or paid on time.
• Be aware of your current credit situation: reduce debt, examine your current credit report with the majors and be prepared to explain any derogatory marks.
Take the time to do your own research so that you will be better equipped to navigate the maze you will encounter. Midland Mortgage Corp. is here to help you with an FHA loan or any other form of mortgage.
You can even begin the application process online here.