What Documentation Is Needed to Apply for an FHA Loan?

Buying a home can be a trying experience. From negotiating a price to home inspections; whether it’s your first or fifth time there always seems to be surprises. Being as prepared as possible to meet with a lender will help make qualifying for an FHA backed loan a more pleasurable experience.

A loan officer will need several pieces of information, both personal and financial, to help you qualify for an FHA loan. The information is required of both you and a co-borrower if applicable. Bring this information with you to your first meeting with the FHA loan officer.

  • Your Social Security number
  • The addresses of all the places you have lived in the past two years
  • The names and addresses of all the places you have worked in the past two years
  • Your Gross Monthly Income (before taxes) or your current job or jobs
  • Pay stubs from the past four weeks
  • W-2 forms from all employers for the past two years
  • Personal tax returns for the past two years
  • Information about all current bank accounts
  • Bank name and address
  • Account numbers
  • Current available balance
  • Average balance over the past six months
  • Information regarding all current loans
  • School loans
  • Credit cards
  • Car loans
  • Any other loan - Information should include; account numbers, loan balance and minimum monthly payments
  • Information regarding any other real estate you own
  • The approximate value of your personal property including; jewelry, cars, bonds, etc
  • Self-employed individuals will be required to furnish a business balance sheet and current income statement
  • A certificate of eligibility is required for Veterans

Additionally, you should be prepared to pay for a credit check and property appraisal.

Being fully prepared for your first appointment with a loan officer will ensure fewer surprises on the road to home ownership.

(Article courtesy of www.fhaloansource.com.  Interested in advertising or posting content on www.GeorgetownCustomHomes.com/blog that will be beneficial to my readership?  Please contact me for details.)