How to Find Out If There Are FHA Loans in an Area
The Federal Housing Administration is a division of the Department of Housing and Urban Development, which absorbed the FHA when HUD was formed in 1965. Since 1934, when the FHA was established, more than 34 million mortgages have been insured though FHA and HUD programs. HUD and the FHA have requirements that lenders must meet to participate in FHA-sponsored programs, which help mostly low-income people secure mortgages through low down-payment requirements and reasonable interest rates, with the FHA guaranteeing loan repayment to the lender. There are a few ways to locate FHA-approved lenders in your area.
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Instructions
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Start with the FHA homepage to find an FHA-approved lender in your area. Click on "Homes" in the left-hand selection box. You'll be routed to the Buy a Home page. Under the fourth heading, "Learn about homebuying programs," select "Let FHA Help You." On the Let FHA Help You page, click on "Find an FHA lender" near the bottom of the page. You'll be directed to the Lender List page.
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Bookmark the Lender List page. You may need to return to it several times. You'll notice a series of programs listed and corresponding boxes, most of which will be checked by default. The only step you absolutely need to take to at least get started is choosing a state. For best results, and depending on the area in which you live, enter a city or county and the state, and indicate the search area in miles (for example, a one-mile, five-mile or perhaps a 50-mile radius). Click the "Search" button.
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Read the resulting page listing FHA-approved lenders in your area. There will be information included for each lender listed, including the lender name, address, telephone number, email address and the lender's FHA approval date.
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Customize the lender list criteria by de-selecting any boxes or selecting others. You must select at least one Insurance Type (from two choices) and at least one Service-Originator Type (among six choices). You can click on the "Help" link at the top of the page for explanations of criteria.
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Re-enter a different city or county if your search fails to produce any lenders. There is a 100-mile limit to the search criteria, and some rural areas, or entire counties, may not contain an FHA-approved lender. You may have to choose a more populated area to search.
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Call the lenders on the list and explain your FHA loan needs. Despite the appearance of the lender's name on the list, its situation may have changed. It might offer programs you weren't aware of, or perhaps it no longer offers loan programs it once did.
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Make an appointment to visit the lender in person.
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Visit alternative online sites to locate an FHA-approved lender. Some sites offer not only location information but also qualification criteria to assist you in determining if you even qualify for a loan. After providing information about the loan type you'd like (such as a new-home loan), the state you're in and a general credit-history rating (excellent, good, fair or poor), you'll be asked a few more questions. Enter information such as the estimated cost of the new property (or how much you'd like to spend), a down-payment percentage and bankruptcy history. You'll be provided with a list of lenders in your area or state able to meet your needs.
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Tips & Warnings
The FHA also has a site that allows you to find FHA-approved lenders in a one-stop format. You simply enter a city and state, or a ZIP code, and click on "FIND." A list will be generated, but you cannot enter any criteria that will narrow the search to, say, new-home loans. There also is no mileage-radius option.
You can contact a local HUD/FHA field office by phone or mail.
References
Resources
- Photo Credit old home image by pearlguy from Fotolia.com
