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
March 28, 2024 - What home loan terms are important for first-time home buyers to know? The answers may surprise you. We aren’t talking about the basic definitions of escrow or loan limits. Instead, we are reviewing mortgage loan terms that are similar to others.
March 23, 2024 - Which FHA home loans require escrow? That’s a trick question since all FHA loans typically involve some form of escrow for different reasons. What do you need to know about escrow and when it’s needed for your FHA home loan?
March 22, 2024 - President Joe Biden has floated an idea that could make it much more affordable to buy a home, especially in the current interest rate environment which is still (at press time) trying to find its way to a recovery.
March 20, 2024 - Conventional loans are administered by the financial institutions they originate from, and because of that, the standardization found among those loans is typically caused by a combination of state and federal law, industry standards, and other variables.
March 17, 2024 - How do you know you are ready to buy a house with an FHA mortgage? By this we don’t mean that you have saved up your down payment, gotten your credit in order, and have a plan to manage your finances with the new mortgage payment.