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Loan Approved

The FHA Loan Process

Applying for an FHA loan is pretty much the same no matter which mortgage lenders you approach for the loan. It’s important to remembered that the FHA itself does not actually give the loan to you. Rather, what they do is to insure the loan.

But, because they are on the hook for the money that you borrow if you fail to pay back the loan, they are involved in the entire loan process; including an inspection of the property which you are buying to make sure that the property you are attempting to buy with an FHA loan meets their construction and repair standards.

Getting an FHA loan is a four step process…

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Loan Approved!

Congratulations… You’ve had your application for a mortgage loan approved! A lot of things that you may never have experienced before are going to happen now.  It’s not about loading up a U-Haul truck and heading for your new home. There is quite a bit that needs to happen now! The process that now occurs is designed to make sure all of the interests in your new property are treated exactly as specified by the various contracts… … Such as your lender, any real-estate agents/brokers, the seller and various other parties to your transaction. Everyone must get the money and/or perform the services and/or functions that are specified in the various contracts resulting from you buying your new home.  In […]

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