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
June 28, 2022 - With a home loan you should consider doing some calculations on the amount you pay on the loan principal and the interest, divided by the number of months you are obligated to on the mortgage note. Also consider a shortlist of other expenses that may be included.
June 26, 2022 - If you need to apply for an FHA home loan to renovate, the first thing you need to know is that while FHA loan rules say you may be allowed to be your own builder or contractor, doing so may be up to lender standards.
June 23, 2022 - What information do you need to have when you need to answer the question about how much your monthly mortgage payment be? It’s not just a matter of dividing the loan amount by the number of months and calculating the interest on your loan.
June 21, 2022 - FHA loans aren’t just for existing construction houses. There are also low down payment FHA loans that can help you build or renovate a home. An FHA One-Time Close mortgage is an option to consider, with its low 3.5% down payment requirement.
June 19, 2022 - The Department of Housing and Urban Development has announced more HUD funding to help Fair Housing agencies fight violations of the Fair Housing Act including illegal discrimination in the housing process. It’s the latest move in a wave of actions the agency has taken recently.
