An FHA loan is one that is provided to you by the lender of your choice but it is insured by the Federal Housing Administration. These loans are a great option for those that are buying a home for the first time, for those that have limited funds for a down payment, as well as for those that have less than perfect credit. Applying for these loans is really simple when you have all of the necessary information available to provide to the mortgage broker or lender that you are dealing with.
Information Needed to Apply for an FHA Loan
When you have all of the information that you need ready to submit to a lender or mortgage broker you will find that applying for your FHA loan is much easier. Many people find that the process of applying for a loan is a struggle and that is because they were not prepared. Knowing what you need will allow you to go into the process much more prepared and therefore will allow you to make fast work of the application process.
The first thing that you will need to provide a mortgage broker with is your full legal name and the legal name of anyone that you are going to have on the loan with you. Second to this information you will need to provide information that will help the lender to identify you apart from all those that share your name, so you will need to provide your date of birth as well as a tax payer identification number or a social security number. This basic information will get the ball rolling but then you will need to provide you physical address, information on your employment, and also your financial information.
When it comes to your financial information you may be required to provide proof of your income in the way of a paycheck stub, you may need to provide bank statements, and you may also be asked for the previous year's tax documents. This information allows for the lender to determine if you meet all of their requirements for lending and also allows for them to look at the bigger picture, because they have to assess their risk when it comes to lending you money.
If you have poor credit you may also be required to provide them letters of credit, which are letters from other creditors that state that you have an had account with them and that your account remains in good standing. These letters are not difficult to get and you can usually get them from your credit card companies, the companies that provide you with your utilities and any credit agencies that you work with for things such as auto loans. These letters of credit often help to support your credit worthiness despite a limited or challenging credit past.
You may also need to provide your drivers license number to a lender and all of the information above may need to be given to the lender in hard copy form or at least faxed for their use. If you gather up all of this information before you apply for an FHA loan you will find that you can simply pull out the requested items and mail or fax them to the appropriate people. This will make the application process go a lot more smoothly and in the end may allow you to get your FHA loan much more quickly.
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Frequently Asked Questions
My son is disabled. we live in Wisconsin, are ...
By: Maria | 24-07-2008
My son is disabled. we live in Wisconsin, are there any programs out there so that maybe he could purchase a home? What if he bought a home with my daughter?
Reply to aswer
By: SIR | 24-07-2008
thank you, my 4 unit buiding in n.j. is under contract, its 6 weeks since the appraisal worth $550,000, and still no comitment letter from bank.its an FHA loan and realtor assures me that buyer qualifies and that they are waiting on bank. but 6 weeks, i dont know if to break the contract or not.buyer only need.s $369,000 loan. realtors have called banks several times and tell me i have to wait . the buyer is the realtor's wife who works in bank with exellent credit, but why 6 weeks and no commitment letter, should i break contract, am i waisting my time.
Countyrwide Home Loans
By: sulan415 | 24-07-2008
Do you know whom I should contact to take a look at Countrywide's unfair practices in the state of NC, specifically Fayetteville, NC. The federal grand jury that is investigating them, in my opinion, has barely scratched the surface. Thanks.
Who is culpable?
By: rpessm | 24-07-2008
Can we hold our political leaders responsible for the financial crisis comprising misrepresented mortgage-based financial vehicles, like CDOs, Derivatives, and other mortgage portfolio "packages" or is this so-called Crisis just the by-product of a "natural" inclination of the mortgage market to correct itself in accord with principles of supply and demand? In other words, is there a specific group of humans culpable for this Crisis?
Hey david we wanna buy home as a proparty ...
By: mony | 24-07-2008
hey david we wanna buy home as a proparty invesment...and we wanna put 40000 as a cash down payment...but we dont find sombody who take cash as a down payment,,u have any answer
Question about clearing of EFTs
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