FHA Mortgage Question Help

[bsal]

Hey guys and gals I have a question I was just told by the Loan Officer i was pre approved for a 225k loan for a house witch i guess is good news i'm not sure how to take it because might be a dumb question but i dont know what pre approved means does it mean i got the loan? and if so the loan officer didnt tell me what my intrest rate is my credit scores are as follows TU=695 EQ=709 and EX=719, and i guess my next queston what takes place next in this first time home situation should i be excited or is it too early ? any info will help as into whats next in this process

[GFer]

Pre-Approved means;

Providing you can back up everything pertaining to income, credit, etc you should be good to go. Just a first step. Now (if you haven't done so already)---find a house and write a contract!

After the contract is agreed to you will shop for Homeowners (or Hazard Insurance---whatever you want to call it. and any other appraisals/inspections. Your lender will want an appraisal to make sure the house is worth the amount of money your borrowing, and you of course, should have your home inspection, termite, (radon--if applicable) inspections.

After all inspections and such are done and all agreements are made final between buyer and seller, it will be submitted to underwriting in the loan process.

This is where they verify, documents, and process your loan info. If and when (and it usually is...) anything else is needed or needs to be done to complete the loan, you loan officer will let you know along the way.

After all this is done, you will 'close' on the loan. This is just where you get together at the designated closing office and sign the final papers on your loan. If it's agreed prior to this; you'll also get the keys to your new home!

Good Luck!!