FHA loans are a workable option for anyone who wants to close as quickly as possible. The lenient qualifications and the simplicity of the loan process allow for an efficient turnaround time. Many FHA loans close in only 5-10 days. We aim to close all FHA loans within 2 weeks or less.
How to Get a FHA Loan Quickly:
The first step of the FHA loan process is to get approved. Once you are approved for a FHA loan, you will receive a list of the requirements (loan conditions) that must be satisfied before closing. We will work with you to get these cleared as soon as possible so you can close your FHA loan quickly.
The general loan conditions that must be submitted are income documentation (pay stubs and bank statements), tax returns, and a property appraisal. If you are in a hurry to obtain home financing, we recommend having your income and tax documents ready.
Once you have submitted all of the required documents and conditions, there should be a final approval with a “clear to close” provided within 24 hours. We can then proceed to the FHA loan closing.
You may review more information on FHA loans, including questions and answers that cover details of the current loan requirements, loan process, loan limits, and other useful information.
FHA Frequently Asked Questions
If you do not see answers to your questions, please feel free to email them to [email protected]. You may also call us at 1-800-FAST-CLOSE.
How long does it take to take to find out if I am approved?
You will be notified of the status of your FHA loan application within 24 hours or less (except on Sundays). However, most applications are processed with a decision made in a matter of hours (usually 2-3 hours).
What will be needed in order to close the mortgage loan?
The sort of documentation that will be required of you is mostly related to providing proof of employment and income. This includes your bank statements, pay stubs, and tax returns. You will receive specific details of what will be required after you apply and if you are approved. In addition to income documentation, a property appraisal will also be required.
What is the minimum credit score required for a FHA loan?
The minimum FICO score required for a FHA loan depends on the approved lender. Some FHA lenders offer options for borrowers with scores as low as 500. We require a 600 or higher credit score for our FHA loan programs.
What is the maximum loan amount allowed?
The loan limits for FHA loan limits are set at the county level. They vary greatly based on the location, which they are determined based on the average home prices in each area. If you would like to see what the FHA loan limits are for your desired location, please visit here.
Can I buy any type of property with a FHA loan?
There are certain property requirements for FHA loans that state what types of properties are allowed and what condition the home must be in. FHA loans are available for 1-4 unit homes, which are single family residences, duplexes, triplexes, fourplexes, and approved condos/townhomes. The home must meet the “minimum property standards” which cover what condition the home must be in. This includes aspects of safety, sanitation, and soundness.