Each persons situation is different, and you are advised to speak with your loan officer in detail so that he/she can help you understand the options available and discuss the Ohio FHA Purchase process that you can expect.
The process detailed below is just a general overview.
Ohio FHA Purchase Process
- Complete a mortgage loan application (click here to view the standard Residential Mortgage Application). Your loan officer will run your credit report, with your authorization, once your application is submitted.
- Discuss options with your loan officer, at this point your loan officer may be able to provide you with a Pre-Qualification letter.
- Work with your realtor to find the right home, submit an offer, negotiate with the seller(s), and obtain an executed purchase contract.
- Your loan officer will provide you with your interest rate options. This breakdown should include the monthly payment for each option, closing costs, and estimated cash needed to close. You can decide to lock the interest rate in, or you can float the interest rate, locking in at a later date.
- Your loan officer will provide you with the preliminary loan disclosures to sign/date as well as a list of additional documents that will be needed to submit your loan for underwriting, which includes, but is not limited to:
- Most recent 30 days of paystubs for all borrowers
- Last 2 years W-2s for all borrowers
- Last 2 years signed Federal Tax Returns (all schedules)
- Most recent 2 months bank statements
- Most recent quarterly retirements account statement
- Copies of your drivers license
- Your file is submitted to the lender for underwriting
- Appraisal and title work are ordered.
- Lender issues a conditional loan approval.
- Your loan officer requests any necessary documentation from you to clear the conditions.
- Lender issues a clear to close
- You close on your home.