Requirements For FHA Loan

FHA loans have the benefit of very competitive interest rates. In addition, the prompt payment can come from a donation or gift from a relative or help from a government program. To be eligible for an FHA loan, it is required to demonstrate job stability for the past two years and so you need to show either the most recent pay stubs or checks and evidence of the filing of tax returns. It is also required that you show evidence of your bank statements and that the financed property is going to be your primary residence.

The Additional Documents

In addition to income proof and bank statements, here are other mandatory documents required to process your FHA loan:

  • Photo identification, such as a valid driver’s license or passport
  • Social Security card, date of birth, marital status, number of dependents, your current address and telephone number
  • Name of employer
  • Proof of additional income, such as Social Security benefits, child support, or alimony
  • Information about your creditors and debts to establish your ability to pay
  • Credit report, which the bank will request directly from the 3 credit bureaus
  • Statements of deposit accounts, retirement plans and other investments
  • Evidence that you have funds for contributing to the down payment and closing

Credit Problems

If you have had credit problems in the past, have filed for bankruptcy, or have lost any property due to foreclosure, you could be eligible for an FHA loan as long as for the past two or three years, you have reestablished your credit and acquired new debts that you are paying well. The appraisal of the home must be performed by a certified appraiser meeting the requirements established by the loan company.


If part of the initial payment is from a gift, you must present a gift letter stating that the funds do not need to be repaid. Each case is going to be unique to the person’s current situation. Most loan officers will be able to guide you through the mortgage process, but you have to do your part by getting all the documentation ready.