Summerville SC FHA Loans with Homefront Mortgages

Homefront Mortgages can help you get an FHA Loan in Summerville, SC

If you are ready to apply for an FHA home loan in Summerville, SC, it helps to understand the FHA loan process. FHA Loans are very standard and similar to that of a conventional loan. A mortgage broker at Homefront Mortgages can help you review all the different types of loans and get the best loan for your needs.

Applying for Your FHA Loan in Summerville, SC

Your first step is submitting an application for an FHA loan through an FHA-approved lender in Summerville, SC. Homefront Mortgages can help you by giving you quotes to compare from top-rated FHA lenders and mortgage brokers in Summerville, SC to get the best rates and terms.

You can either meet face-to-face with a loan officer in Summerville, SC or have your application taken by phone, which typically takes around 15 minutes. It can speed the proces up with you fill out an on line application at the Homefront Mortgages website.

FHA Loan Process in Summerville, SC

Homefront Mortgages will help you gather all of the information you need to get your FHA Loan processes. Loan processing means that your information is being verified. A mortgage broker in Summerville, SC will contact you to discuss the facts of your loan application, and this broker will ask for your last two pay stubs (or a year-to-date Profit & Loss if you are self-employed), your last two W-2 forms, and the most recent statements from any financial institution with which you have a deposit.

During this time, forms will be sent to the appropriate banking institutions to verify your average bank account balance for the last two months, and your credit reports will be pulled. Preliminary title reports will also be requested for a third party, which will research the property and borrowers for any issues that may affect title to the home in Summerville, SC you want to buy.

The Appraisal

An appraisal of the home in Summerville, SC will be ordered from an FHA-approved appraiser, who will visit the property, confirm the square footage, verify FHA-required property conditions, and more. The appraiser will also research comparable home sales in your area and determine a fair market value for the property.

Underwriting Your FHA Loan in Summerville, SC

Once your loan processing is complete and your lender receives all necessary documents, your loan is submitted for underwriting. The underwriting process involves an underwriter reviewing your file and rendering a decision, which takes up to five days. The underwriter will make sure your application conforms to FHA guidelines and check your income and debt ratios, employment history, credit history, savings and down payment money and appraisal of the property.

Your application may also be underwritten electronically if you meet most FHA guidelines initially.

FHA Loan Approval

Upon approval of your loan, and once other conditions are met, your loan will close. The closing usually occurs at the closing attorney's office.