How to Apply for a FHA Loan to Stop Foreclosure

The Federal Housing Administration (FHA) is government lending program that has insured tens of millions of mortgages and offered relief and resources to millions of Americans facing foreclosures. FHA housing counselors are available to determine eligibility and begin the process of obtaining an FHA loan.
Applying for a FHA loan to stop a foreclosure is a process that is dependent upon time. Don't waste any more time in search of an FHA loan that is right for you. Know what to expect from the lending process and begin your FHA loan application today.

Difficulty: Moderate

Instructions

1. Research FHA loans. FHA loans offer low down payments, low closing costs and an easy credit qualifying process.

2. Visit the HUD website. (See Resources.) Click the "Section 255 Home Equity Conversion Mortgage (HECM)--Reverse Mortgages" link and verify eligibility. Basic credit qualifications apply. Applicants with a previous bankruptcy or current foreclosure are encouraged to apply. According to the MY FHA website, the FHA loan program allows individuals whose credit has been marred by bankruptcy or foreclosure to obtain a loan more easily.

3. Visit the Federal Housing Administration website or call (800) CALL-FHA (225-5342). Under the "Hot Topics" banner, locate the "HUD's Guide to Avoiding Foreclosure" tutorial. Use the website to locate a lender and apply online.

4. Apply for a FHA loan. Visit the More About FHA website and click the "Start Here" link to proceed with the application. You can also visit the Stop Foreclosure 2day, Quicken Loan, Countrywide or FHA Secure Home Loans websites to apply for a FHA loan to stop a foreclosure.

Tips & Warnings

• This article cannot guarantee that you will be approved for a FHA loan.

Resources

• FHA loan process
• FHA