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Before you get an FHA mortgage for a new or existing home, your loan and closing checklists will help you prepare properly for the loan process. Take the time to discuss the items on these checklists with your realtor and loan officer.

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January 21, 2019
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FHA Requirements

A Good Loan Checklist Creates a Smooth Application

FHA Loan Checklist

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

Are FHA Home Loans Available During a Government Shutdown?

January 16, 2019 - Are FHA home loans, which are government-backed mortgages offered by participating commercial lenders, still available during a government shutdown or partial shutdown? This is an important question and borrowers or potential borrowers should know the facts.

FHA One-Time Close Construction Loan Rules for 2019

January 11, 2019 - FHA One-Time Close construction loans are available in 2019 at higher FHA loan limits than in 2018. This is good news for anyone who wants a low-down payment construction loan that features only ONE application and closing date.

FHA Loans, Air-B-n-B, and Rental Units

January 8, 2019 - The sharing economy has made entrepreneurs out of many who never thought of earning income by being an Uber driver or acting as an Airbnb host. Some are tempted to buy a multi-unit home and begin offering it for rent to Airbnb users. Is this possible with an FHA mortgage?

Do Higher FHA Loan Limits in 2019 Mean Higher Credit Requirements?

January 4, 2019 - FHA loan limits are going up for the second year in a row. In 2019 your ability to buy a 1-4 unit home gets a boost thanks to the higher limits. FHA loan FICO score requirements and other credit rules of the program will NOT change in 2019.

When Does a Bigger Down Payment Make Sense?

January 2, 2019 - If you’re looking at home loan options, especially for the first time, you might wonder why some buyers choose to pay more out of pocket up front on their mortgage loans rather than making the bare minimum down payment and financing closing costs.

FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!