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
As of spring 2012, seller FHA concessions are still limited to a total of six percent. We will report any changes to the six percent limit as they become known, but for now the six percent seller contribution limit is the official rule.
One in a series of changes implemented by the FHA in recent times is the new standards required for FHA loans regarding FICO score requirements and down payments. A 580 FICO score will now be the minimum borrower requirement.
FHA home loans do require the borrower to state all employment and gaps in that employment. When the borrower is going into business for themselves, it’s a question of whether the income from that type of work is stable and reliable.
FHA loan regulations require borrowers to wait a minimum of two years before applying for a new FHA mortgage after Chapter 7 bankruptcy. Similar minimum wait time requirements apply for foreclosure proceedings.
The FHA does not place a dollar amount requirement on income or specify a range of minimum income amounts, but FHA requirements do impose standards with regard to verifiable income.
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