Home Buying Process

Get Pre Approved

A Pre approval is important because it lets you, your realtor, and the seller know that you have your home financing in place and how much home you can afford. Your lender will provide you with a pre approval letter stating how much you are pre approved for and what type of loan you'll be getting. Your lender will:
 
Explain points and private mortgage insurance (PMI).
 
Obtain your authorization to pull your credit report.
 
Evaluate your credit report, income, assets, down payment, etc.
 
Provide you with a pre-approval letter that you may provide to your Realtor.
 
The first step in getting pre approved is to get in touch with an approved FHA lender. To do so, you may fill out the form at the bottom of this page.

Avoid These Mistakes

Don’t make an expensive purchase
 
Don’t start a new job
 
Don’t switch or move money around
 
Don’t buy a vehicle
 
Don’t apply for a new credit card
 
Don’t close any credit accounts
 
Don’t skip a payment or make a late payment
 
Don’t spend your savings

Hire a Real Estate Agent

Your Realtor will educate you on the current real estate market.
 
Your Realtor may set you up on the Multiple Listing Service (MLS) to preview homes. When you
find a home that you would like to see in person, your Realtor may schedule showings.
 
Your Realtor will write up an offer on the home of your choice and negotiate on your behalf.

Before You Make an Offer

Important Information:
 
No money is needed until an offer is made. Once an offer is made, you will need:
 

  • Earnest money deposit
  • Money for the inspection
     

  • Once Your Offer is Accepted

    The buyer will be prepared to put an “Earnest Money Deposit” on the home. (The check will be cashed immediately, so funds must be available.)
     
    Buyer will schedule a homeowner’s inspection the buyer’s expense (must be done withing 10 days)
     
    The lender will receive a signed copy of the purchase contract and a copy of the earnest money check.
     
    The lender will work with the buyer to finalize the loan option and lock the interest rate.
     
    The buyer may need to provide some additional documents at this point, depending on what was originally provided.
     
    The lender will send initial disclosures via email if borrower opts to receive electronic delivery.
     
    The lender will order the appraisal on the property.
     
    The buyer will contact the homeowners insurance agent for a quote.
     
    The lender will send everything to the Underwriter for review.
     

    Prior to Close

    The lender will let all parties know when “clear to close” is received from the Underwriting Department.
     
    The lender will send initial closing disclosure that needs to be signed three or more days prior to closing.
     
    The Realtor will schedule a final walk-through of the home with the buyer.
     
    The final closing disclosure is ready (typically a day or two prior to closing)
     
    The lender will advise the buyer of the exact amount the cashier’s check needs to be for and who to be made out to (closing attorney).
     

    Day of Closing

    Buyers will sign all closing disclosures with the real estate attorney or title agent.
     
    The Realtor will present the buyer with the keys to their new home.
     

    Get in touch with an approved FHA Lender