Your First Step should be to meet with a Local Mortgage Banker to get Prequalified for mortgage financing. Your Mortgage Banker will outline for you which programs---including FHA---you may qualify for. Do this before you go out an look at homes.
Once you find a home and your Offer is accepted by the Homeowner you will then make your formal loan application to the Mortgage Bank for your loan approval and closing. As for how long the process takes, this can vary widely depending on the Lender. I recommend you provide all requested documentation in a timely manner to your Mortgage Banker. The more complete a loan application you provide, the faster your loan can move through the system for approval.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
Much will depend on the house-hunting process. Some borrowers apply for an FHA loan before they have found a house, meaning they get pre-approved first and then start shopping for a home. This is a wise strategy, actually.
For more information : http://fhamortgageinfo.com/
Looking at homes is great fun but when you find out you can't afford them... that is a heartbreaker so get yourself pre approved first.
Here are some changes that have happened to FHA this year http://bayareaconnect.com/10/05/2011/have-home-buyers-felt-t and here is the home buying process in 5 steps http://bayareaconnect.com/buy-a-home-step-1/
If you have further questions please give me a call at (408) 840-3852 or Thomas.Feng@gmail.com
If you loan is preapproved (Verifications of Employment and Bank Statements, etc all in file) and underwritten, you loan should be 'final' approved once the appraisal is in the hands of the underwriter and approved by them.
As a direct lender, we can get this accomplished in as little as two week (within your 17 day contingency removal period).
The key is having a complete file upfront and having it underwritten. Then its just an appraisal!
The Pre-Approval could be done in 24 hours.
But that is ancient history; the Lenders aren't making the mistakes they use to make.
Our Purchase Agreement suggests 17 days for the Loan Contingency;
I suggest you talk to your Realtor about these numbers.
You are using a Realtor; right?
Moreover, FHA are particularly stickler about roof and peeling paint. I advise that you discuss this with your realtor and a loan officer.
You should meet and select your agent. Meet and Select your Lender. Get a pre-approval, usually within a few days. Then go shopping for a house.
Have an amazing day!