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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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.

    All parties at the closing should have valid ID.
    You must pay for title insurance that guarantees the property is free of previous claims or liens.
    Before you can close on the property, you need to secure homeowner’s insurance, which insures the property in the case of damage.
    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 Rehab Loan Rules for Contractors

March 14, 2018 - FHA rehab loans have specific rules for using contractors and for situations where the borrower wants to do her own work. Rehab loans are complex and can requires escrow accounts, consultants, and hiring outside contractors.

FHA Loan Down Payments and Their Sources

March 12, 2018 - If you are wondering about FHA loan down payments and the rules that govern their sources, you aren’t alone. Down payment rules can seem a bit confusing on the surface, but if you remember a few basic FHA loan rules, this is an area you can understand quickly.

FHA Loan Rules for Income From Family-Owned Businesses

March 9, 2018 - FHA loan rules require the lender to verify the borrower’s employment and income. This verification process can have different requirements depending on the nature of the applicant’s job.  There are also different rules for the employees of family-owned businesses given that some family employees are not owners.

FHA New Construction Home Loans: One-Time Close

March 5, 2018 - The FHA One-Time Close Construction Mortgage allows a borrower to apply once and have a single closing date for a house built from the ground up-a great option to consider for those who don’t want to purchase already lived-in property.

Student Loan Debt Can Affect Your FHA Loan

March 1, 2018 - The student loan issue is an important one and many first time home buyers applying for FHA mortgage loans want to know how much of an impact their education debt will have on their ability to borrow. Student loans, whether or not they are in deferment status, can affect that debt ratio.

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!