Are you thinking about applying for an FHA loan? If so, what can you do to prepare before you head down the road or application process? There are documents you will need to obtain to successfully apply for, and receive approval of, an FHA loan. We will help you go through some of these document expectations so you can gather what is necessary ahead of time, making the loan process seamless.
One of the things you will need to have is documents about your employment. This will include any of your W-2 or 1099 statements you have received over the past few years. You will also need to have your complete income tax returns for that same period.
To verify current employment, pay check stubs from the past two months will also be something that you receive a request for. In the event you own a business, documents about this via your self-employment tax returns, profit and loss statements, etc. should also be available.
Information on Your Bank Accounts
The FHA loan process will also require you to show a bit about your assets. This will include things such as your bank statements for the past three-months. You will also need to have a recent account statement for any other type of asset account you hold, such as a 401K, brokerage account, mutual fund, and so on.
Credit and Bills You Owe
Information about your landlord or current mortgage lien holder will also be a requirement, including their contact information and recent bill statements. To supplement your credit report which is run, you will also need evidence of recent utility bills, which are not a part of this reporting.
Personal documentation you will need to have a handle on include your driver’s license, social security card, and any other paperwork on you as an individual. If you pay alimony or child support, supporting documentation around this is critical. This will also include a green card or work permit, if it applies to you.
Getting documentation together for an FHA loan is something you want to get ahead of. When you have your documentation read, you can act and respond to any requests from your FHA loan company in a timely fashion. Do your preparation and ensure your documentation is at the ready to submit, once they ask. Doing this will make the FHA loan process as simple and efficient as possible.