FHA loan programs provide an equal opportunity for lending with expanded credit guidelines with no credit score requirements; however, many FHA lenders and banks are requiring a minimum credit score to protect them on the secondary market in the event the US government did not insure the entire mortgage for home loan default purpose. Below is a list of required documentation for FHA home loans for a purchase money mortgage. Please gather the FHA requirements and have the list of documentation ready before submitting your mortgage into process.
o HUD-1 Statement showing Purchase Money Transaction as required by:
o 1 Month worth of t recent paystubs (indicating YTD Year to Date income)
o 2 Recent Years of W-2′s (for borrowers with a salary)
o If Self Employed Borrowers; 2 recent tax returns with all schedules (including all pages with commission, dividend, rental income)
o Social security, pension and/or retirement award letters (if applicable)
o 2 most recent bank statement for all accounts with all pages (copies of 2 recent months)
o Existing statements for all investment and saving accounts with all pages
o Written Letter of Explanation detailing derogatory comments and late payments on credit report
o Drivers License with photo ID (copy)
o Social Security Cards
o Name, Address and Telephone Number of Landlord for the past year.
o Sales Contract with Listing and Selling Agent phone Numbers
o Clear Termite Report
o Well and Septic Certifications (if applicable)
7 comments so far
Can I get a home with a 540 credit score if i have all other requirements for a VA loan? What are VA mortgage rates for bad credit? Are FHA loan programs more flexible than the other government programs like VA?
Is it required to have 6 months PITI reserves on an FHA purchase money loan?
what is the max dti ratio on FHA purchase home loan? – Thanks
What is the percentage of give backs a seller can give to a buyer toward closing cost? What are my options with an FHA home loan?
Will I be able to get an FHA loan on a distressed property that is sold ‘as is’ and may have termites? I meet all the qualifications for a loan. – Wendy
My loan officer is insiting that the FHA requirements are to have 3 years of tax returns, I have met all other requirments. There is now an issue with the IRS stating I did not file in 2008. Will this hinder my chances for obtaining a FHA loan?
Can a self-employed get qualified by supplying 2 yrs of bank statements to prove their income and not their tax returns, if their taxes are not showing them making money.
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