FHA Documentation
Generally, documentation is needed to support your income, liabilities, and funds to close.
The following is a list of documents that most likely will be required by the lender to process a FHA mortgage:
Purchase Money Documentation:
- · One full month's worth of paystubs showing Year to Date earnings
- · Salaried: Last 2 years W-2's (salaried income)
- · Self Employed Borrowers; Last 2 years tax returns with all schedules (commission, dividend, rental income)
- · Copies of social security, pension, and/or retirement award letters (if applicable)
- · Last two months bank statement for all accounts with all pages
- · Current statements for all investment accounts with all pages
- · Written explanation for any credit derogatories
- · Copy of Bankruptcy and discharge paperwork (if applicable)
- · Divorce decree and any settlement paperwork (if applicable)
- · Copy of your Drivers License and Social Security Cards.
- · Name, Address and phone number of your Landlord for the past 12 months.
- · Copy of your Sales Contract with Listing and Selling Agent phone Numbers
- · Clear Termite Report
- · Well and Septic Certifications (if applicable)
Additionally for Refinances including Non FHA loans to FHA loans, Cash Out Loans
- ··Copy of you current Mortgage coupons or statements
- · Copy of your Homeowners insurance
Additionally for FHA Streamline Refinances the following documentation may be required:
- Copy of your current Note
- Copy of the First Two pages of your mortgage or Deed of Trust
Once receiving your documentation most lenders will handle acquiring other documentation such as title reports, credit reports and appraisals if required. It is not uncommon for the lender to have the borrower pay for the cost of the credit report and appraisal.
October 6, 2010
