Applying
for any mortgage
can be a trying experience. Often, you feel your patience
is being tested time and time again. Just when you think you have
provided every possible document, you are asked to produce one more.
When you are applying for an FHA insured mortgage,
the documentation required is there to help you not only achieve
the American Dream, but to keep your home. The FHA wants to help
you be sure you can afford your home and all your other expenses
as well.
Before you
meet with your mortgage lender it will be helpful to gather the
documents you will need to apply for your FHA mortgage. Even if
your lender does not ask for these documents at your first appointment,
keep them in a specially marked folder. In the event your lender
requires the documents, you will know exactly where they are, eliminating
some of the stress of applying for a mortgage.
Prepare copies
of the following information for both you and your co-borrower.
• Social
Security number(s)
• Addresses of all your places of residence for the last two
years
• Names and addresses of all employers for the last two years
• Gross monthly income (before taxes)
• Pay stubs for the past four weeks
• W-2 forms for the past two years
• Tax returns for the past two years
• For self-employed individuals, a current income statement
and business balance sheet
• Information about all bank accounts including; Certificates
of Deposit, savings accounts, and checking accounts. You will need;
the bank name and address, account numbers, available balance, and
the average balance for the past six months
• Information pertaining to all current loans including, car
payments, school loans and credit cards. You will need; account
numbers, loan balances and minimum monthly payments.
• Information regarding any other real estate you own
• Approximate value of all other property you own including;
cars, jewelry, antiques, and other valuables
•For
Veterans, a certificate of eligibility
The task can
seem overwhelming. Take an evening (or a few evenings) and prepare
for your FHA loan application ahead of time. This will take away
much of the stress of applying for a new mortgage loan. |
