FHA Loans - FHA Loan Documents

The loan document process is the stage when your loan documents are being prepared by the investor. These loan documents are the legal binding documents to finalize your transaction. They will include some of the following important items to be signed:

* Note - Promissory Note indicating amount borrowed, interest rate charged, and terms or repayment, and the monthly payment amount.

* Deed of Trust - this documents places the property as security to the loan and note. (recorded with county recorders office)

* HUD 1 - this document is the itemized break-down of all fee's incurred for obtaining the loan.

If the interest rate has already been locked-in, the loan documents are drawn by the  document person. Once the loan documents are printed, they are then overnighted to the escrow company, who then will contact the borrower to set-up an appointment to sign the loan documents. This process from document order to signing will normally take 2-5 days.

Some lenders, like FHA-Home-Loans.com, Secure Funding are currently using technology to have this documents delivered via email which can help save time.

Once the loan documents have been signed they must then be overnighted back to the lender to set-up the loan funding.

 

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