If owning a home in East Feliciana LA has been a long time dream of yours, then you should contact Sun Mortgage Funding to see if you qualify for an FHA Mortgage Loan Product. FHA Loan products feature great benefits like loan forgiveness and leniency if you experience financially hard times that you can prove. In addition, you don't have to have a perfect credit score to receive approval, which is great news in these competitive times. Though the process has very specific steps, you can complete it within just a few months and it could be the end of your housing worries. These loans are designed for people that want to put down roots and you will only receive approval for a home that both the FHA and Sun Mortgage feel that you can afford to maintain for many years to come.
The FHA Loan Approval Process
The process of getting approval for your FHA loan will start out with some legwork on your part. You will have to provide the FHA and your lender with some extensive paperwork about yourself and your household financial profile. Many of the documents that you will have to provide include bank statements, current income statements, tax statements and estate/property value statements. After you have submitted all of your current verification and paperwork, you will have to pay for the appraisal and for your credit reports.
Then the appraisal management company will schedule your appraisal at a time that is convenient for you and carry out your appraisal. The rest of the process including the appraisal is pretty hands off on your end because it is now up to Sun Mortgage, your lender and the FHA.
What Will You Get for Your Efforts? What's All the Hype About?
Receiving an FHA loan means a care free home purchase for you. You will not have to put down more than 3.5% of the property value, whereas traditional mortgage loans might have required you to put down something more like 35%. You have the peace of mind of knowing that your loan is backed by the FHA. FHA loans have been around since 1934 and many homeowners have used them to make their dreams of home ownership come true. In addition, these loans allow you to work with a trustworthy lender like Sun Mortgage instead of a predatory lender.
Many people that have less than perfect credit, feel they have to compromise if they want to purchase a home, but with FHA Loans, they really don't have to. There really is no better cosigner than the Federal Housing Administration. Sun Mortgage Funding is a professional mortgage lender that offers loans to East Feliciana, LA residents.