How to Become an FHA Lender
The Federal Housing Administration or FHA helps those with low income find access to homes and apartments or rental properties. FHA lenders are organizations and companies that approve loans for those low income families, which is sometimes a risky proposition because they often don't have collateral for those loans. To become an FHA lender, those companies need to first download a copy of the application and then be approved by the U.S. Department of Housing and Urban Development.
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Instructions
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Decide on the type of FHA lender you'd like to be or the category you fall under. The FHA lists these as non-supervised loan correspondent, non-supervised mortgagee, supervised loan correspondent, supervised mortgagee, government mortgagee and investing mortgagee. Details on the different types of lenders are found on the FHA website.
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Ensure that you or your company fulfills the requirements of the lender role. The FHA has specific requirements in place for each type of lender, all of which are listed on their site. Anyone who applies and doesn't meet these requirements will automatically be denied.
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Download the application from the FHA website, listed as the Lender Application Packet (see Resources). The files contain the cover sheet, application form, handbook and Internet requirements. All of the files should be downloaded and saved for future use.
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Print off the original application and complete the required areas. For approval as an FHA lender, the application is sent to two different departments. The user needs to print off one copy, fill it out and then make additional copies of the application.
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Mail a copy of the application and the fee for the application to HUD. Send the original application to the U.S. Department of Housing and Urban Development. HUD will notify those who pass their requirements and those who need more information to process the application. Those who don't pass their requirements will also be notified by mail.
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Tips & Warnings
Make copies of the application before you mail either one. This helps protect you in case the original application is lost in the mail.
Those who lie on their FHA lender application will automatically be rejected by the Department of Housing and Urban Development. It's important to be as honest as possible on the application to prevent this from happening.
