What information is needed for an FHA Loan?

Posted On: September 2011

ASK AN ILLINOIS LOAN OFFICER, WITH JOHN FOLAN

Editor: Tiffany Brewington

What information is needed to apply for an FHA loan, and what credit score do I need?

To qualify for an FHA (Federal Housing Authority) loan, you must have a middle credit score of at least 620 between Transunion, Experian, and Equifax. It is easier to qualify for an FHA loan versus a conventional loan because FHA insures the lender against default, therefore the lender’s risk is lower.

Documents Needed to Apply for an FHA Loan:

Copy of valid Government ID: Driver's License (front and back) for each applicant

Mortgage statement(s) (most recent) for all real estate owned

Current Homeowner's Insurance declaration Page(s) for all real estated owned

Note: If Condo, HO6 insurance minimum coverage of 20% of appraised value

Paystub(s) covering most recent 30 days, all applicants

W-2s: 2 most recent years for each applicant (all jobs)

Personal Tax Returns w/all schedules, most recent 2 years, all applicants

Corporate/Business Tax Returns w/all schedules, most recent 2 yrs

Business(es) YTD Profit & Loss Statement(s)

Live signatures required on all Tax Returns

Lease agreements for all rental properties

Award Letters for Soc Sec/ Pension/Disability income OR recent IRS 1099

Evidence of receipt of child/alimony support for last 6 months

Divorce Decree/Settlement Agreement

Bank statements (all pages) for the most recent 2 months

Retirement Acct(s) Stmt(s) for the most recent 2 months/quarter

Homeowner's/Condo Association Contact information, if applicable to subject property

Bankruptcy Discharge/Debtors List, if applicable

John Folan is an Illinois Licensed Mortgage Broker at NorthPoint Lending Group, Inc. in Downer’s Grove, Illinois. Have a mortgage question? Please write to john@northpointlending.com or call 312.961.8100

Posted On: September 2011

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