How to Apply for an FHA First-Time Homebuyer's Loan
If you are a first-time homebuyer looking for a home loan, you can apply for an FHA loan backed by the U.S. Department of Housing and Urban Development. HUD does not make loans directly, but instead guarantees loans made by approved FHA lenders. FHA loans typically require smaller down payments than traditional loans; only three percent down is required with a FHA loan, and sometimes the percentage due is even less. Once you have found a home to buy, you can apply for an FHA loan.
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Instructions
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Talk with a HUD-approved housing counselor to make sure you meet the qualifications for a FHA loan. You can find a list of counseling agencies on the HUD website (see Resources), or by calling (800) 569-4287. To qualify, you must have good credit and work history and be buying a one-to-four unit property.
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Look for FHA lenders using the HUD website (see Resources). Not all mortgage lenders can take applications for FHA loans.
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Visit one of the FHA lenders near you and ask to submit an application for a FHA loan. You will need to have your recent tax returns and your paycheck stubs to complete the application. Once you submit the application, it can take up to six weeks for the approval process.
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