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
July 20, 2024 - When you close an FHA mortgage, you make your down payment and pay closing costs, accept the keys to the home, and prepare to move in. But what should you expect after moving into the new house?
July 19, 2024 - There are many FHA home loan programs, including construction loans and reverse mortgages, which have details some borrowers find confusing. However, assistance is available. HUD-approved housing counseling can greatly help.
July 17, 2024 - What fees and expenses can you expect from an FHA reverse mortgage, also known as an FHA home equity conversion mortgage (HECM)? There are a number of important costs to save for. We examine them in this article.
July 16, 2024 - There are many options to consider when planning your home loan. One good example? Some borrowers wonder if they should choose a 15-year FHA loan over a 30-year mortgage. Those who want to save as much money might consider the 15-year FHA loan, but there are other choices.
July 13, 2024 - According to HUD, the changes announced in early July 2024 modernize the program and enhance its usefulness for individuals and families seeking affordable financing for renovating or rehabilitating a single-family home when purchasing or refinancing it.
