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
August 6, 2020 - The FHA and HUD have announced an extension to certain coronavirus measures initiated to allow lenders to approve FHA home loans among other guidelines altered by a multi subject mortgagee letter issued by HUD in the last week of July 2020.
July 30, 2020 - Renters can face big hurdles when they decide to become homeowners. One of the biggest is saving up for a down payment. With constantly changing economic environments and employment uncertainty, people are facing difficult decisions about how to use or presersve their savings.
July 27, 2020 - Are you ready to buy a home using an FHA home loan? At the time of this writing, coronavirus is still a major problem in the United States and there are revised procedures for appraisals and other measures to avoid spreading the disease while continuing to do business in the housing market.
July 24, 2020 - The importance of credit monitoring can’t be understated; the more you know about your credit report, how it changes and when can make a great deal of difference when you are ready to commit to a home loan.
July 21, 2020 - Consumers are warned repeatedly to monitor their credit for signs of identity theft, erroneous information, etc. Some future home owners already do this, but the concept is new to others. Why is credit monitoring a crucial part of your preparation before applying for an FHA mortgage?
