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
One commonly asked FHA loan question involves down payment requirements. Many people want to know what the FHA loan down payment rules are for a particular state or zip code. A home is not eligible for an FHA loan unless it has adequate, dedicated areas for sleeping and cooking--things most house hunters would take for granted. Homes not designed with such areas can’t qualify for an FHA mortgage as-is. When an FHA borrower applies for a loan and the spouse does not co-sign or co-borrow, are there situations where the spouse would be obliged to sign loan documents? It’s a commonly asked question in states where community property laws exist.ADDITIONAL ARTICLES
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