 TITLE: Is an FHA Loan Right for You? CONTENT: How Do I Get an FHA Loan?\n-------------------------\nIf an FHA loan sounds like the right fit for you, here's how to obtain one:\n*   First, make sure you meet the minimum qualifications. Check your credit score so you know if you meet the FHA's eligibility standards. You'll also need proof of steady employment history and a valid Social Security number. You can use FHA's free housing counselor search tool or [smartphone app](;mt=8) to find local sources of advice on whether you qualify for an FHA mortgage, and for guidance on securing the necessary down payment. A qualified counselor can be a big help with navigating the paperwork you'll need to obtain an FHA loan.\n*   Ready to apply? Check out the FHA website to find qualified lenders in your area. You can also look into online lenders such as QuickenLoans. As with any other loan type, lenders set their own interest rates, credit score requirements and fees, within the scope of FHA guidelines. That means you can—and should—shop around to get the best possible deal. Just a fraction of a percentage point difference in interest can save you thousands of dollars over the life of a 30-year loan.\n*   If you qualify for a 3.5% down payment FHA loan, consider paying a higher down payment than the minimum required if possible. Or consider paying some or all of the closing costs on the date of sale rather than financing them. (Consult a counselor to see which scenario is more beneficial to you.) Taking these steps can save you a lot of cash over the long haul. END