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.
Don't Forget About Your Closing Checklist
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.
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FHA Loan Articles and Mortgage News
November 5, 2019 - Why do borrowers who want to build a house on their own lot turn to an FHA One-Time Close construction loan instead of conventional construction loans? Perhaps for reasons that include a lower mortgage loan interest rate and a lower down payment requirement.
November 3, 2019 - The idea of planning for ten years or so to buy a home is actually a fairly sound one if you consider having to save up for the down payment, closing costs, moving expenses, and new appliances where needed.
November 1, 2019 - Do you need a home loan? Are you looking for a lower down payment? Borrowers often want to know who offers the lowest mortgage loan interest rates and the lowest down payments, not realizing that they have a say in what is offered.
October 29, 2019 - For some borrowers, the advantages of FHA and VA construction loans include being able to design a home to a specific need or plan, especially if the house hunter needs to install features not considered common among the available home sales in the area.
October 28, 2019 - You can build on your own lot using an FHA mortgage, even as a first-time home buyer. You will get the same 3.5% down payment minimum on an FHA construction loan as you would buying existing construction real estate.
