Many of our Florida home buyers have questions regarding the process of actually applying for a Florida FHA mortgage. Below we will outline the steps and what buyers can expect during the FHA application process.

The first step involves a general conversation with your FHA loan specialist to discuss your needs and goals. During this time your FHA specialist will get a better idea of what you are looking to achieve and have suggestions to help you meet your goals. Once this is complete the specialist can start a FHA loan application with you. 

The FHA loan application process generally takes around 20 min to complete.  During the FHA application process your specialist will ask you questions about your income, assets, job history, and living history among other things. Most of the information requested for your loan application will be things you already know by heart – your birth date, social security number, etc.  Just be sure you know your exact income (salary or hourly rate) because this is important. You will probably also be asked to provide copies of income and asset documentation. This includes tax returns, W2, and bank statements.

Once your FHA loan application is complete your FHA specialist will review everything, including your credit report, to insure your application meets the FHA guidelines and requirements. The review process is generally completed in the same day! Once your FHA application review is complete the loan specialist will contact you to discuss the details regarding pre approval amount, payments, interest rates, etc.

At this time you will also receive a letter of pre qualification stating the amount you are approved for.  You are free to start your home search at this time. Once the loan specialist receives all of your required underwriting documentation, they can submit your loan for full pre approval. This is when all the information you provided on your FHA loan application is checked verified by the FHA underwriter.

Again, the entire process of application is pretty quick and will only take around 20-30 minutes to complete. If you have questions about applying for a FHA loan here to Florida, please call us at 904.302.6060 or just submit the quick request form on the right side of your screen. 

FHA Mortgage Source is Florida’s leading provider of all Government home loans. Serving you 7 days a week please visit us at www.FhaMortgageSource.com for more information.

Located in a rural location of Florida? Learn more about the 100% no money down USDA home loan at www.UsdaMortgageSource.com

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