How to Get an FHA Loan

Video Transcript

"Federal housing administration offers a federally backed program that ensures loans originated in service by qualified lenders. I'm Richard Blake and I'm here to assist you in getting an FHA loan. FHA loans were originally created to help low income families purchase properties and in the real estate markets here in North America. The best place to start looking for an FHA loan is with your local real estate mortgage broker, they will be able to find out if you are actually pre-approved for an FHA loan, not everybody is. And they will have the tools needed in order to find out if you are approved for this program. The best way to find a local mortgage broker is to ask your local real estate brokerage or even do an internet search and look for local mortgage brokers in your area and generally they are going to have their own websites where you can submit your information. Ask them questions about the FFA program that sort of thing. What they are going to want is information such as your annual income, your monthly mortgage, I'm sorry your monthly payment such as your credit card payments or anything that you are consistently paying on a monthly basis right now. Ok so they are going to take the your annual income versus the debt that you have going out on a monthly basis and that's going to help them approve or disapprove whether or not you can get FHA financing for the purchase of your home. It really is a great option they've got great interest rates right now. I highly recommend looking into the FHA program and again I recommend that you start your search with your local real estate company and if you don't have a local realtor that you use then use your local mortgage company and they can assist you further as well ok. I'm Richard Blake and I hope that helped you out a bit with FHA loans, thanks."