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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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July 18, 2018
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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

FHA Loans for Borrowers With Tax Debt or in Repayment Plans

July 10, 2018 - If a house hunter wants to purchase a home with an FHA mortgage, rehab loan, or have a property built for them with an FHA One-Time Close construction loan, what do FHA loan rules say about a borrower’s unpaid tax debt?

FHA Reverse Mortgages for Older Borrowers

July 7, 2018 - FHA reverse mortgages are a home loan options that financially qualified borrowers aged 62 or older can consider if they either own their home or are very close to paying off their mortgage loan. Borrowers may consider them to convert the home’s equity into cash for personal needs, renovations, travel or other purchases.

FHA Bad Credit Home Loans

July 3, 2018 - For maximum financing and the lowest possible down payment requirement under the FHA loan program’s rules, borrowers should come to the FHA mortgage loan application process with a credit score of 580 or higher.

Tips for Buying or Building a Home With an FHA Mortgage

July 1, 2018 - Are you new to the home loan process and need tips for buying or building a home using an FHA mortgage? There are three basic areas you should consider immediately once you decide for sure that you want to apply for a home loan.

FHA-To-FHA Refinance Loan Rules and Options

June 18, 2018 - Borrowers with existing FHA mortgages often consider refinancing their loans. Some may refinance because they want to get a lower payment or switch the term of their loan to a shorter (15-year refinance loan) or longer (30-year refinance loan) term.

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!