FHA LOANS

WHAT IS AN FHA LOAN?

FHA home loans are mortgage loans that are insured against default by the Federal Housing Administration (FHA). FHA loans are available for single family and multifamily homes. These home loans allow banks to continuously issue loans without much risk or capital requirements. 

FHA does not make home loans, it insures a loan; should a homebuyer default, the lender is paid from the insurance fund.

  • Ideal for the first-time homebuyers unable to make larger down payments.

  • The right mortgage solution for those who may not qualify for a conventional loan.

  • Down payment assistance programs can be added to an FHA Loan for additional down payment and/or closing cost savings.

DOCUMENTS NEEDED FOR FHA LOANS

See below for documents that you may be asked for during the loan application process; however, your loan officer may also request additional documentation.

Employment

  • W-2 & 1099 Statements for Past 2 Years

  • Pay-Check Stubs for Past 2 Months

  • Self-Employed Income Tax Returns for the Past Two Years and YTD Profit & Loss Statements

 

Assets & Credit

  • Complete Bank Statements for all Accounts for Past 2 Months

  • Recent Account Statements for Retirement, 401k, Mutual Funds, Money Market, Stocks, etc.

  • If Currently Renting: Landlord's Name, Address, Telephone Number, or 12 Months Cancelled Rent Checks

 

Personal

  • Drivers License

  • Social Security Card

  • Any Divorce, Alimony, or Child Support Papers

  • Green Card or Work Permit (if applicable)

  • For Other Properties Owned: Mortgage Statements, Homeowners’ Insurance (HOI), Taxes, and Association Dues Information

 

Refinancing or Own Rental Property

  • Note from any Current Loan

  • Property Tax Bill

  • Hazard Homeowners Insurance Policy

  • Mortgage Statement for Current Mortgage

  • Rental Agreements for any Rented Properties