Your Loan Checklist for a Smooth Application
Before you start the FHA loan process, be prepared to provide some information to your loan officer. Have it ready now to save time later.
- Address to your place of residence (past two years)
- Social Security numbers
- Names and location of your employers (past two years)
- Gross monthly salary at your current job(s)
- Pertinent information for all checking and savings accounts
- Pertinent information for all open loans
- Complete information for other real estate you own
- Approximate value of all personal property
- Certificate of Eligibility and DD-214 (for veterans only)
- Current check stubs and your W-2 forms (past two years)
- Personal tax returns (past two years), current income statement and business balance sheet for self-employed individuals
In addition, you will need to pay for a credit report and appraisal of the property.
FHA Loan Articles
Read About Mortgage News, FHA Updates, and Guidelines
Participating Lender Standards for FHA Loans
There are many common questions about FHA home loans. One area that confuses some borrowers or potential borrowers has to do with the difference between FHA single family loan rules and minimum standards, and individual lender standards.
The Facts About FHA Requirements on Caps and Minimums
Some borrowers want to know if FHA home loans have an income limit. The implication is often that FHA loans are intended for a certain type of applicant and that some borrowers might be disqualified for an FHA mortgage because they earn too much money.
HUD Announces Additional Funds for Housing Counseling Grants
A local, HUD-approved housing counseling agency can be very helpful for a borrower in the planning stages of a new purchase home loan, or a credit-check-required FHA mortgage loan refinance. Housing counseling can be valuable, especially for first-time home buyers.
The Advantage of Using an Online FHA Loan Calculator
Buying a home with an FHA mortgage means taking into account several variables. The selling price of the home is one of them, and borrowers need to budget for closing costs, a home inspection, plus taxes and insurance. An FHA mortgage calculator will help you estimate your your monthly mortgage payment amount.
How to Qualify for an FHA Reverse Mortgage
The FHA reverse mortgage loan program is known as the Home Equity Conversion Mortgage or HECM for short. Lots of people are interested in reverse mortgages--but who qualifies for the FHA version of the reverse mortgage and how do you know if your home is eligible for the loan?