FHA Mortgage Applications - Preparing for Your Appointment

Filling out an FHA mortgage application can be a simple process if you prepare for the appointment.  FHA loans are made through HUD lending partners, most of which are commercial and local banks.  When applying for an FHA loan, you'll need to show the loan officer the documents required by the FHA, in order to be qualified or approved.

You can prepare for your appointment by making ready the following documents:

  • Last two years tax returns

  • Last two years IRS form W-2, or 1099 for self-employed workers or independent contractors

  • Two most recent pay stubs

  • A recent credit report (if you do not have one the bank will pull it)

  • Most recent 3 months bank statements showing all checking and savings accounts

  • Most recent 3 months investment account statements for 401k, IRA, and other investments

  • Copy of driver's license and social security card

  • Copy of recent tax bill or utility bill

  • Copy of rental agreements (if getting a loan for a multifamily building where units other than your unit is being rented)

If you have declared bankruptcy or have been in foreclosure in the past the FHA requires that you wait a certain period of time before applying for another FHA loan.  Be prepared to show discharge paperwork to the lender if that is the case.  This would come in the form of a court discharge for the bankruptcy or lender discharge for the foreclosure.

Some banks have additional requirements specific to their institution. It's always a good idea to call the loan officer ahead of time and make sure you have everything they need.  Otherwise you'll need to schedule a second meeting to take care of all the paperwork.

 

 

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