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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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January 21, 2019
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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.

  • 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.

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FHA Loan Articles and Mortgage News

First Time Home Buyer Loan Options - FHA, VA, and USDA

December 26, 2018 - Some first-time home buyers want to know why they should apply for an FHA mortgage when 100 percent VA mortgages and no-money-down USDA loan are available. The reason borrowers often choose FHA over these other home loan programs has much to do with eligibility for the individual type of loan.

FHA Cash Out Refinance Loans and Holiday Debt

December 21, 2018 - There are two things to consider about holiday debt when you are considering your home loan refinance options. One is that for any FHA refinance loan that requires a credit check, your debt ratio will be an important factor in loan approval.

FHA Loan Rules for Earnest Money

December 19, 2018 - FHA loan rules are designed to insure that a borrower’s down payment funds come from an approved source and are not provided via non-collateralized loans, or from sources that have a financial interest in the completion of the transaction.

FHA Loan Down Payment Issues You Need to Know

December 17, 2018 - The down payment on a home loan is one of the big expenses borrowers worry about in the planning stages of the mortgage process. What do borrowers need to know about down payments and FHA home loans?

Buy or Rent? FHA Loans Make Owning More Affordable

December 16, 2018 - Should you buy or rent a home? When you examine the benefits of owning real estate, it becomes clear that the answer to this question seriously depends on a borrower’s financial needs at the time of purchase or rental as well as long-term financial goals.

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!