FHA Home Loans Refinancing

FHA Requirements for FHA Purchase Loans


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)


10 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.

what are fha loan limits for single family detaced homes? How long must u live in an fha financed property b4 u can sell it? How many times can u use an fha loan?

Can I get a mortgage on a house that has a shallow well point in the basement?

What lenders in Charlotte NC are offering FHA Construction to perm loans


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