Getting Started: FHA Loan Checklist
Getting Started: Your FHA Loan/FHA Refinance Checklist
FHA loans require a lot of documentation. This is a good thing since it helps ensure you’re getting an FHA purchase loan or FHA refinance loan you can afford, but it can feel overwhelming when you’re faced with collecting all that paperwork! Here’s a quick and easy checklist of items you need to get your FHA loan application rolling.
Documents Required For An FHA Purchase Loan Or FHA Refinance Loan
Each of the items listed below must be provided for each person who is named on the FHA mortgage loan application.
- Addresses of your residence for the last two years.
- Social Security numbers.
- Name and address of your employer(s) for the last two years.
- Gross monthly salary at your current job(s).
- Current check stubs and past two years worth of W-2 forms.
- Last two years of personal tax returns, current income statement and business balance sheet for self-employed individuals.
- Pertinent banking information such as the location and account numbers of checking and savings accounts.
- Pertinent information on all other open loans you may have – for example, auto loan, school loans, credit cards, etc.
- Complete information for other real estate you own.
- Approximate value of all personal property.
- Certificate of Eligibility and DD-214 (Veterans only).
- A recent copy of your credit report.
- An appraisal of the property.
Remember, the FHA and their approved FHA lenders are interested in seeing that you are reliable and creditworthy. All of the documents listed above provide income verification and evidence of your financial and payment history, which indicate your ability to pay back your FHA mortgage.
Getting Started On Your FHA Loan Application
- The first step in your FHA loan application process is to call the mortgage specialists at Capital Bank, N.A.. We’ll discuss your needs and qualifications and help you find the right FHA mortgage or VA loan for your unique situation.
- After that, we’ll give you a complete and detailed list of the documents needed to get the application started. That list will look a whole lot like the list above. Depending on your personal situation and the type of FHA loan you are seeking, additional documents may be needed.
- Your mortgage specialist will be available to guide and advise you through the entire process making sure it runs smoothly, getting you into your new home faster.
Get Prequalified For An FHA Loan And Boost Your Purchasing Power
Getting pre-qualified for a FHA loan is a great way to take stock of your financial situation and give lenders an idea of your borrowing power. Prequalification allows you to house-hunt with confidence, knowing what you can and can’t afford. Being prequalified also gives sellers confidence in your credibility as a buyer.
Not quite as in-depth as a formal FHA mortgage loan application, pre-qualification does come with a few requirements. You must:
- Demonstrate steady employment. Ideally, two years with the same employer.
- Show steady or increasing income over the past two years.
- Have a good credit report. Bankruptcies must be at least two years old; foreclosures and short sales must be at least three years old. Good credit is essential during these time periods.
- Estimated mortgage payments must be 30% or less of your gross monthly income.
At Capital Bank, N.A., we are VA loan and FHA loan experts, and we may be able to help you obtain a first loan or refinance your existing loan to potentially save you hundreds of dollars each month! If you have a special circumstance or are concerned about low credit, contact us today at (866) 216-3577 or [email protected] so that we can answer your questions and start your prequalification today!