Orange County FHA Mortgage PreApproval
The first step an Orange County First Time Buyer should take in the homebuying process is PreApproval. But what exactly is PreApproval? How hard is it to get PreApproved for an FHA loan? Does it cost money to get PreApproved?
Why is FHA PreApproval Important for Orange County First Time Home Buyers?
Prior to looking for a home, a buyer will want to make sure they are even looking in the right price range. Any reasonable person will have a sense that they will not be able to go out and buy a waterfront house in Newport Beach if they make $40,000 per year. But how about a $300,000 house? What is the difference in payment between a Condo and a Single Family Home? PreApproval will answer all of these questions.
What Items Are Need for FHA PreApproval.
The following items are needed for PreApproval.
- Paystubs for the most recent 30 days
- W2's for the most recent 2 years. (2007 and 2008)
- Federal Tax Returns, all schedules, for the most recent 2 years. (2007 an 2008.)
- Copies of the most recent 2 months bank statements, all pages.
- Copy of Drivers License and Social Security card. (scanned copy is preferred over a faxed copy.)
A loan application is typically completed over the phone by the loan officer, and can be done in less than 10 minutes. A first time buyer may also want to meet the FHA Loan Expert in their office. A face to face meeting can help to make the buyer comfortable with the homebuying process.
Once the loan application has been completed, the credit report is run and reviewed. Next, the loan application is run through an Automated Underwriting System (AUS), where, if all works out, the initial loan approved is received. An underwriter will review the income and asset documentation received from the buyer and then a PreApproval letter is issued. This whole process actually only takes 1 or 2 days.
Authored by Tim Storm, an Orange County, CA Loan Officer – Please contact my office at Frost Mortgage Lending Group for more information about an Orange County, CA home loan. 877-786-4243 x 7.
Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.
877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com
* Licensed by California Dept. of Real Estate. Lic. # 01190897
Categories: Orange County First Time Buyer,FHA Loans,Orange County FHA loan,First Time Home Buyer
Tags: orange county first time homebuyer direct FHA lender fha preapproval
Tim, you did not answer the question, Does it cost money to get PreApproved?
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There is no cost to get PreApproved.
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