Need an FHA loan? How to qualify for an FHA loan, Rancho Bernardo, CA. 
The steps to qualify for an FHA loan are really quite simple so long as you are working with seasoned professionals and certified specialists. It is easy to receive bad advice and sometimes difficult to find good advice.
We have all heard the nightmare stories about loan qualifying but in order to qualify for an FHA loan it really does not have to be so tough.
1) First and foremost you must contact a Certified Mortgage Planning Specialist. There is not a
better group of professional more well qualified to help you qualify for an FHA loan.
2) Make sure you are prepared to assist your CMPS certified professional with any and all requests when you qualify for an FHA loan.
3) Prepare yourself ahead of time. Locate your last 2 years tax returns, last 2 years W-2 forms,
most recent pay check stubs and all applicable financial information including 2 most recent back statements, retirement accounts including employer funded 401K and other investments.
If you have been through a divorce or bankruptcy in your life please be prepared to include the copy of the divorce decree or bankruptcy papers including the bankruptcy discharge.
4) When meeting with your mortgage professional prepare yourself to spend at least 1-2 hours completing a mortgage loan application. This is an important step in order to qualify for an FHA loan because this is where we compile all of the above information.
5) Upon receipt of the above your mortgage professional will pre-process your loan file as well as run an automated underwriting program to pre-approve your loan. This is the final step before you go out and shop for a home!
Congratulations because you are now prepared and you qualify for an FHA loan. The entire process from start to finish can take as little at 24 hours and, provided you follow the above steps, painless!
From here you move on to shopping with your Realtor. Your CMPS Mortgage Professional will make contact with
your realtor to let he or she know that you are pre-approved and qualify for an FHA loan.
Once you and your Realtor locate the home of your dreams you will be making an offer. The work is not done yet. After making an offer your Realtor will work with the seller of the home to negotiate a price that works for you and is within your qualifications.
Soon after an appraisal inspection will take place as well as a title search to insure the home does not have any liens or old title issues that will negatively impact your purchasing the home. This part of the process usually takes from 2 weeks to 45 days.
There is a large disparity on the time frame because, on occasion, certain repairs must be completed in order for the home to meet FHA lending standards. In most cases the seller pays for the necessary repairs but again, do not worry, if you have picked seasoned professionals to work with they (your Realtor and your CMPS Mortgage Planner) will handle everything for you.
On occassion additional paper work will be needed but most of the paper work intensive part of the process has taken place in steps 1-5.
Finally, YOU MOVE IN!
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