How Difficult Is It to Close an FHA Loan?
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I was recently asked about how difficult it was to get and close an FHA loan when purchasing a home, and why.
Here was my answer…
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FHA transactions are very simple to close actually. You just need a good lender that knows what they’re doing and that you provide ALL documentation up front that is requested from the lender. You have to show proof that you have the income, savings, credit, etc. instead of the way it ways a few short years ago where all you had to do was just ask for a loan, and some lenders said ok, without even verifying funds at times. Those days are gone, thankfully.
There are specific conditions that will need to be met, but have patience and be up front with everything and you’re good to go.
So, a good lender to “fully” pre-approve you and a good Realtor to guide you through the offer process and staying on top of all the disclosures, inspections, and timelines once your offer is accepted, will see you through to a closing of escrow that’s as stressless as possible.
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Right now is a great time to buy a home and get a gov’t backed FHA loan and be sure and take advantage of the $8,000 tax credit before it expires next month.
Make it a great day!
Randy
