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
September 18, 2021 - Many violations of Fair Housing Act laws occur because the discrimination was brought on the basis of familial status, national origin, or religion in rental or purchase transactions. Landlords, home sellers, and mortgage lenders are all bound by Fair Housing Act requirements.
September 15, 2021 - If you have purchased a home with an FHA mortgage and need help with your mortgage in the wake of a natural disaster, there are several important steps you should take to get relief. Contact your mortgage servicer to ask for assistance with your mortgage while you recover.
September 13, 2021 - FHA Cash-Out loans can be used for refinancing non-FHA mortgages as well as existing FHA loans. The proceeds from this cash-out refinance can be used for any purpose including paying off credit card debt, making home improvements, and even paying for luxury items like cars or boats.
September 5, 2021 - Some refinance loans are specifically to get a better deal. But others need to refinance to help avoid further hurting their credit scores or going into loan default because of missed payments. A borrower who gets behind on the old loan can catch up with the new loan, but time may be of the essence.
September 2, 2021 - Are you about being a truly ready borrower? If you are considering a home loan application is is a great idea to start working on credit and related home loan issues early--long before talking to a broker or mortgage lender.
