What Is FHA Case Number And The FHA Loan Process

This BLOG On FHA Case Number Was Written By Gustan Cho NMLS 873293

The FHA Case Number is required on all FHA Loans.

  • The FHA Case Number is a unique 10-digit number assigned to a FHA Mortgage Borrower’s Loan File.
  • The FHA Case Number is assigned by the Case Number Assignment on FHA Connection.
  • The FHA Loan that this number is assigned is known as a case.
  • The FHA Case Number is mandatory for every FHA Home Loan.
  • This Case Number is assigned when a FHA Borrower applies for FHA Loans, whether it is a purchase or refinance mortgage.

How To Read FHA Case Number

The first three numbers on a FHA Case Number states the area such as the county and state.

  • The last three numbers is representative of the Sections of the ACT in where the FHA Insurance was issued for each house.
  • The Case Number can be viewed on the top of each page of every completed FHA Home Appraisal.
  • The FHA Borrower who is buying a home with a FHA Loan, the property in which the home buyer is purchasing is assigned a Case Number.
  • Case Numbers can be transferred from one borrower to another borrower.
  • However, the Case Numbers cannot be transferred from the property.

How FHA Case Number Connections Work

When a home buyer who is pre-approved for a FHA Loan starts the FHA Loan Process, the lender will need to get the borrower a Case Number on the property the borrower has a contract on.

  • However, in the event if the borrower decides not to purchase the home, the Case Number is now void.
  • When the borrower decides to purchase another property, then they would need to get a new Case Number on the second property they are purchasing.
  • With the above example, if another FHA home buyer wants to purchase the original property that was canceled by the first borrower, then all the new home buyer needs to do is to have the Case Number for the original canceled property transferred to them.
  • If there are multiple FHA Lenders involved, that can be a cause for delays in the mortgage process.
  • Lenders with original Case Numbers need to release the Case Number to the new lender.

How Long Is FHA Case Numbers Valid

If the FHA Loan with a case number did not close in six months, the original FHA Case Number will be canceled.

  • In the event FHA make changes to HUD 4000.1 FHA Handbook with another revised FHA Handbook and Guidelines such as increasing FHA MIP, the changes take validity on Case Numbers that has been assigned on or after the date of the changes of FHA Programs and Guidelines.
  • Any Case Numbers that is assigned prior to that date is still underwritten within the FHA Guidelines before the changes as long as the FHA Loan closes within a six month window.

Qualifying For FHA Loans

FHA Loans is the most popular loan program in the U.S.  FHA Loans are popular with first time home buyers, home buyers with outstanding collections and charge offs, buyers with higher debt to income ratios, and home buyers with little to no credit.

Here are the basic FHA Guidelines:

  • 580 FICO credit score
  • 3.5% down payment
  • 46.9% front end and 56.9% back end DTI
  • Non-Occupant Co-Borrowers allowed
  • 100% of down payment can be gifted
  • No Closing Costs: Closing Costs can be covered with sellers concessions and/or lender credit

To qualify for FHA Loan, please contact us at 1-800-900-8569 or email us at gcho@gustancho.com.

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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