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Your FHA loan application can include a variety of documentation that is required to help the lender process your loan. Privacy is a bigger issue than ever.

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FHA Loan Documentation Your Loan Officer Needs

July 30, 2014 - Your FHA loan application can include a variety of documentation that is required to help the lender process your loan. In an age where privacy--especially online privacy--is a bigger issue than ever, it’s not surprising that some borrowers are concerned with the collection of certain personal data in connection with a new line of credit. Understanding what data is required and why can help some FHA loan applicants become more comfortable with the process.

Any large line of credit requires extensive review of income, employment, credit history and other information. When it comes to FHA mortgage loans, what is required of and by the lender in order to get a loan approved?

At a minimum, and regardless of the type of personal data submitted, FHA loan rules require all documentation to be current or very recent. According to FHA loan rules printed in HUD 4155.1, “Lenders must obtain the most recent documents required to perform the mortgage credit analysis. ‘Most recent’ refers to the most recent document available at the time the loan application is made.”

The rules printed in HUD 4155.1 include a checklist of documentation the lender must collect which includes the following:
  • Proof of Social Security Number
  • verification of deposit
  • verification of employment (VOE)
  • alternative employment documentation
  • TOTAL Scorecard Accept/Approve and Refer feedback for employment verification
  • federal income tax returns

  • The employment verification your lender needs could include copies (not originals) of your W2s, most recent pay statement, and other documents. You may also be required to furnish copies of your most recent bank statements, including deposit amounts and other relevant details as may pertain to the sources of down payment funds and earnest money. FHA loan rules are strict about the sources of these funds, and your lender must have evidence as to their sources.

    Borrowers may be asked to sign releases or statements permitting the lender to obtain credit and employment data–this is a common practice in the industry. What is not common is asking borrowers to sign a blank page or incomplete document. Do not do this--instead, contact the FHA directly to discuss the situation.