| Getting an FHA license can be a bit complex so it's | | | | licensed in at least one state.o Your company will need |
| good to know what steps you will need to take to get | | | | to meet certain net worth and liquid cash |
| the license. Obtaining your FHA approval takes a bit of | | | | requirements.o You will need to download the |
| hard work and some financial investment, but it's time | | | | appropriate forms from the US Department of HUD |
| and money well invested. Given the tightening of | | | | website or from your sponsoring lender's website.o |
| available mortgage products to persons with less than | | | | You will need to print out the appropriate HUD |
| perfect credit or with more limited equity in their homes, | | | | Mortgagee Approval Handbooks that explain how to |
| FHA loan products are a great source for new loan | | | | get a FHA License.o You need to have a clean |
| origination business in this ever changing mortgage | | | | record- no convictions involving monetary crimes.o |
| market. You really need to be FHA approved to push | | | | You cannot be listed on any of HUD's ineligible lists of |
| your mortgage business to growth and prosperity. | | | | persons, such as a limited denial of participation list.o |
| To obtain your FHA mortgage license, your application | | | | You cannot plan on originating FHA loans as a net |
| will need to be submitted to the US Department of | | | | branch of another lender.o You will need to work with |
| Housing and Urban Development (HUD) by your | | | | a sponsoring lender that already is approved by HUD |
| sponsoring lender. Here's some of the initial | | | | to fund FHA loans. This lender will assist you with the |
| requirements that you and your company will need to | | | | sponsorship of your FHA approval. |
| meet:o You will need to meet certain experience levels | | | | These are just a few of the initial requirements with |
| and have a mortgage company setup that is already | | | | you need to become familiar. |