Before you get an FHA mortgage for a new or existing home, a loan checklist will help you prepare properly for the loan process.
FHA 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
When buyers are approved for FHA home loans, they are required to carry mortgage insurance. That includes both a Mortgage Insurance Premium (MIP) and an Up Front Mortgage Insurance Payment (UFMIP). When you apply for an FHA home loan, you're required to certify your income, offer proof of employment and show that you're a good credit risk with a history of on-time bill payments for at least 12 months. The Basic Allowance for Housing, or BAH for short, is a military benefit that comes in handy when applying for an FHA loan or VA home loan because it provides the lender with an easy-to-measure proof of a veteran’s ability to pay a mortgage.ADDITIONAL ARTICLES
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> See also: 2009 Military
