- For home purchases or refinancing
- Stable payments
- As little as 3.5% down payment
- Less than perfect credit
- Loan amounts from $75,000 to $510,400
- Click here for rates and terms
What is a FHA Loan?
An FHA loan is a mortgage insured by the Federal Housing Administration. Borrowers with FHA loans pay for mortgage insurance, which protects the lender against loss if the borrower defaults on the loan.
To make the process easier to understand we have outlined the process for applying for a FHA loan below:
• Application - our online application makes it easy to apply. Once you have submitted your application it is reviewed by one of our Mortgage Loan Officers.
• Once we have identified the need for an FHA loan we will contact our partner MHL Mortgage.
• MHL Mortgage is a FHA approved Lender and will process your file at JSC FCU’s request.
• Loan Estimate - once you have a property your MHL loan officer will provide you with a loan estimate, this will show you an estimate of what fees may be charged to process or close your loan.
• Required Documents - your MHL loan officer will provide you with a list of documents that will be required to process your loan.
• Processing - your file will be transferred to the processing department where an experienced processor will prepare your file for the underwriting stage.
• Underwriting - the underwriter makes sure that all loan requirements are met. If any additional documentation is needed your loan officer or processor will contact you.
• Closing - at the title company you will be presented with your final closing documents to sign. An experienced closer will walk your through each document and answer any questions you might have.