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
SEE YOUR CREDIT SCORES From All 3 Bureaus
Do you know what's on your credit report?
Learn what your score means.
FHA Loan Articles and Mortgage News
July 26, 2024 - The FHA 203(k) rehabilitation mortgage and its refinance equivalent are tools for buying and renovating a home or remodeling an existing property. This loan can be used to buy a fixer-upper and finance the repairs needed to make the home livable and meet local building codes.
July 25, 2024 - The U.S. Department of Housing and Urban Development issued a proposed new rule in July 2024 that is intended to be a permanent policy regarding the sale of delinquent FHA single-family mortgage loans.
July 23, 2024 - When shopping for a home loan, you need to gather some basic information from multiple lenders to compare the costs, fees, terms, and conditions of the home loan you seek. During this process, you can verify information with each lender you choose.
July 22, 2024 - As we age, the significance of making sound financial decisions grows. Many choose to tap into their home equity in their retirement years, and two options are important to know: FHA reverse mortgages and FHA refinancing.
July 21, 2024 - FHA refinancing is worth considering if you want a government-backed loan insured by the Federal Housing Administration (FHA) that can refinance you out of a conventional adjustable rate mortgage or get you cash back at closing.
