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Why ask for an FHA mortgage loan? There are many reasons to ask your lender for an FHA loan instead of a conventional loan or an expensive, risky sub-prime loan.
The loan officer will help you complete a loan application and have you sign a several forms authorizing the lender to verify (check on) your employment, income and savings. Using that information, your lender will order an FHA case number, an identification number specifically for your loan application.
The lender will also order an appraisal to find the value of the property and its condition. An FHA appraisal is no different than other appraisals.
The lender will also review the appraisal, to determine if the value of the property supports the sales price and to see if any property repairs are required. The lender then makes a decision on your application.
You’re finally ready to go to “settlement” or “closing.” Be sure to read everything before you sign. In addition to signing a lot of documents, you may need to bring some extra money for certain closing costs.