Before you get an FHA mortgage for a new or existing home, a loan checklist will help you prepare properly for the loan process and the FHA requirements.
FHA Requirements: Your Loan Checklist
Prepare for a Smooth Application Process
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 NEWS and RELATED ARTICLES
Borrowers who have experienced financial trouble and wind up selling their property in a short sale arrangement often recover from their difficulties and feel ready to become homeowners once more.
If you're applying for a first-time FHA home loan, you're likely wondering how long your mortgage will be and what kinds of options you might have for shorter or longer loans, early payoff or what happens if you just pay the monthly mortgage minimum.
If you seek lower monthly payments and a lower interest rate on an existing VA home loan, the VA Interest Rate Reduction Refinancing Loan or IRRRL is designed to help.
There are many questions about VA refinancing loans. One that comes up occasionally has to do with the credit check procedures associated with some kinds of VA refinance loans.
Does the VA require title insurance? Some borrowers may discuss their VA loan options with a lender that does require title insurance, but is this a VA-mandated or lender required feature of VA home loans?
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