Mortgage Industry News & Advice

Simple Steps to a Complete FHA Loan Application – Colorado Springs, Colorado

By on March 13, 2011 in Tips And Advice

Simple Steps to a Complete FHA Loan Application – Colorado Springs, Colorado

Your FHA loan application is a very important part of the loan approval process, but can be an unnerving experience given the amount and delicate nature of the paperwork you will be asked to turn over.

The days of the quick over the phone pre-qualification are gone and replaced by a far more detailed pre approval process.  Nevertheless, qualifying for an FHA mortgage does not have to be frightening or nerve-racking!  It just means you need to be more prepared then ever!

The following list of items has been assembled to offer you a look at what will be required. Bear in mind, there can always be additional items added to this list based on your overall situation. It’s best to discuss this list with your loan officer in advance of meeting so that you come totally organized and ready to proceed.

As you can imagine, failing to provide all documentation up front can create delays. In order to speed up the processing of your FHA mortgage loan and avoid frustration, read through the list below and start preparing now.

FHA Loan Application Checklist:

  • A check for your credit report and appraisal will typically be required before the approval process begins
  • Your residence addresses for the past two years
  • Names, addresses and phone number of your landlords for the past two years.  The lender will be required to verify your rental and/or mortgage history for FHA financing.
  • Current value of all real estate owned
  • Names, addresses, phone numbers and contact person for all employers for the last two years
  • W-2 Forms for all employers for the last two years
  • Pay stubs covering the most recent 30 day period (all current jobs)
  • Addresses, account numbers and current balances for all checking, savings and other deposit accounts
  • Two most recent months’ bank statements (all accounts, all pages)
  • Evidence of alimony or child support, a copy of the court order and ages of child(ren)
  • Copy of divorce decree and separation agreement
  • Social security and other benefit award letters if being used toward qualifying income
  • Stock information including names of stocks, share owned, current price per share and last three month’s stock statements (or most recent quarterly statement)
  • Documentation relating to any special issues such as bankruptcy or foreclosure – all pages including the discharge must be included.  An FHA mortgage requires that you’re two years away from a bankruptcy and 3 years from a foreclosure.  Lenders will also be looking for re-established credit and proof of responsible usage.
  • Copy of Driver’s License & Social Security Card
  • Explanation of any credit inquiries including any recently opened credit

If you’re self-employed:

  • Two years personal tax returns
  • Two years partnership/corporate tax returns (if applicable)
  • Year to date profit and loss statement, signed by accountant

The preliminary information given during pre-qualification and the subsequent documentation provided at application are extremely important to ensuring a smooth transaction.  The more detailed and thorough you can be, the easier your FHA loan approval will be.

Find out how much home you can qualify for and what your new FHA mortgage payment will be.

About the Author

About the Author: Rebekah is an active loan officer and mortgage industry speaker lauded for her Leadership and Team Building workshops. Rebekah has trained thousands of industry professionals on how to build, maintain and guide a winning team. A mortgage expert on the rapidly changing mortgage product market, Rebekah is also considered the premier trainer in Southern Colorado on FHA guidelines. In the Mortgage Business, whether you’re a first-time homebuyer, a small business owner, or an investor, you’ll appreciate Rebekah's dedication to helping you meet your financial goals. Rebekah believes that finding the right mortgage or property isn’t about selling a product: it’s a partnership effort rooted in your plans for the future–and what it will take to see those dreams realized. Rebekah has been profiled in national publications and recognized as an industry leader within the book, "Stilettos in a Loafer World: Mortgage Women Who Walk Their Talk." NMLS & CO Licensee: LMB100010938, 288596 .

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