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Okay, so my husband and I are wanting to buy our first home together. Were wanting to go through FHA. So, IF we were approved, how long would it take to get our loan? How exactly does FHA work? Do they pick the houses for you? how long overall would the whole process take?

5 Thoughts on Can anyone help me with questions about buying our first home?
  1. Reply
    Angela C
    July 21, 2011 at 8:55 am

    FHA doesn’t pick your house. They do inspect the house you want to buy to make sure it meets their standards and will last at least 5 years without major repair. Get pre-approved with your bank and try to lock in a low interest rate before shopping for a house. Its more appealing to a seller to be pre-approved for your loan when making a bid for sale. Now is a great time to buy a house. Interest rates are low and there’s a lot of homes for sale. You should do well.

  2. Reply
    David A
    July 21, 2011 at 9:25 am

    Tough question. FHA loans are good for first-time homebuyers, but the FHA has to approve the loan, which takes the process out of your loan officer’s hands and puts it in the governments for a bit, which pretty much makes estimating the timeframe to close a bit difficult. 2 suggestions 1) do a preapproval with a reputable lender 2) before you have a bunch of lenders pull your credit, get “Good Faith Estimates” from several lenders and then do the application with the lender that provides you with the best GFE 3) Do not feel the need to use the title company that the lender suggests. Title insurance rates are VERY negotiable. In general, if you are already preapproved (and were honest with the loan officer on the preapproval application) you would be looking at 30 to 60 days to close on your home. It can be done faster, but don’t count on it. Good luck

  3. Reply
    jplrvflyer
    July 21, 2011 at 10:15 am

    An FHA loan process is much like any other process. And you personally don’t have to do much of it. Your realtor should handle a lot of it.

    Assuming you have a realtor, you work with the realtor to find a house and make an offer. Once you have an offer accepted, you apply for a loan.

    You are applying for a loan on the house you picked. They don’t pick houses for you.

    You can generally close on the house about 2 months after you have an accepted offer.

    For better details, talk to your agent.

    Note that with the current housing market, you can find good house deals, but credit is quite tight. You need a solid credit rating, solid income, and a healthy down payment.

  4. Reply
    9 daughters
    July 21, 2011 at 11:12 am

    Congratulations. Your first step should be to get pre-qualified. You just go to a mortgage company to do that. Don’t hesitate to shop around for mortgage companies. Find one you like. They’ll get some info from you and they’ll tell you how much house you can afford. They will also tell you what your payment would be and how much you’d need for down payment and closing costs on a home of that price. They will usually put your pre-qualification in writing too because that will help you when you go to make an offer on a home.

    Then you go to a realtor and start looking for the home you want. The realtor will help you find a place within your budget and that qualifies for FHA financing. You can also look online or drive through neighborhoods you like and tell your realtor which homes you want to see.

    Once you’ve picked your home and made an offer it can take a week or two of haggling before you settle on a price. It’s a buyer’s market so don’t be shy about making a low offer or driving a hard bargain.

    Once you’ve got your contract signed your realtor will do the rest from there and, normally it takes between 4 and 8 weeks to close, although it can take a bit longer for FHA loans. Then you sign docs and get the keys.

  5. Reply
    Brother Otter
    July 21, 2011 at 11:39 am

    The above four answers are all very good.
    The thing you will want to be ready for with the FHA is they are *very* slow and there is a *LOT* of paperwork. Get your head wrapped around those two ideas to start with and you’ll do just fine.
    You can expect the process to take several months.

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