FHA Requirements
A Good Loan Checklist Creates a Smooth Application
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.
As the buyer and borrower, you will have items on your checklist that are required by your lender, the seller, and even the title company.
The closing checklist covers all the fees to be paid, the information to be provided, and the disclosures to be signed before the title is conveyed to you. Having this checklist ready helps you stay on track as a buyer, and ensures that your closing goes the way you expect.
- IDENTIFICATION
All parties at the closing should have valid ID. - POLICY OF TITLE INSURANCE
You must pay for title insurance that guarantees the property is free of previous claims or liens. - INSURANCE
Before you can close on the property, you need to secure homeowner’s insurance, which insures the property in the case of damage. - CLOSING FUNDS
You must bring all funds agreed upon, in the form of a cashier’s check or via electronic wire.
Take the time to discuss the items on your checklist with your realtor, to make sure there is nothing you’re forgetting, and to have the peace of mind that after the closing settlement you’ll be able to move into your new home.
FHA Loan Requirements
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FHA Loan Articles and Mortgage News
January 15, 2022 - The FHA home loan program offers options for borrowers who want to buy a typical suburban home, but there are also loan options for mobile homes and condo units. These loans are known as Title I loans and can be used to buy or refinance these homes.
January 14, 2022 - Did you know that you can get help with the FHA required minimum down payment, for example, but that the money must be documented from start to finish before the lender can allow you to use it? You can ask your participating lender for instructions on what should be submitted.
January 13, 2022 - If you are new to the home loan process or have never applied for an FHA mortgage before, loan approval may seem a bit mysterious at first. There are three basic stages to the home buying process you should be mindful of: prequalification, pre-approval. and closing.
January 12, 2022 - How many unsolicited e-mails, junk mail and robocalls have you received in the last year related to refinancing or home equity loans? It’s these unsolicited contacts that should arouse suspicion, but many still fall for mortgage and refinance-related schemes every year.
January 11, 2022 - Do you need a real estate agent when purchasing and financing a home with an FHA loan? That question is tough to answer because so much depends on your specific circumstances. There are times when you might want the help of a real estate agent, and times when you might not.
