This article originally appeared on
Oct 19, 2017 · 3 min read
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It’s 2017 and with homeownership rates at all-time lows, the real estate market has been extremely active this year. If you are thinking about making a purchase this summer, time is fading fast and Fall is right around the corner! To help you educate yourself on the process, the team at FHA Loan Search has put together this simple FHA Loan Checklist for 2017. Much of this should still be extremely relevant moving forward into 2018.

When you start the mortgage approval process, having this list of documents handy will help you advance through the FHA loan process more efficiently than not. A skilled real estate agent and a loan officer can walk you through this process in detail but it is very helpful to educate yourself ahead of time. If you know what you’re doing as a buyer, you can avoid some of the more basic delays that tend to affect the home loan approval process. While everyone is a little unique and each mortgage and situation may vary, also considering that your location and local laws/regulations may change over time, this list points out some of the most common requirements.

Things to Include On Your FHA Loan Checklist

Create a File That Provides Insight Into Your Employment History

  • Gather your past two years of completed tax returns
  • Add your previous two years W-2’s or 1099’s from employers and any other tax forms
  • Collect a couple months of your most recent pay stubs
  • If you’re self-employed, you will need three years tax returns and
  • If you’re self-employed, have your company Profit & Loss Statement available

Create a File That Details Your Savings Account Details

  • Include you past three months of full bank statements for all accounts
  • Provide your recent statements from any 401ks or other retirement or investment accounts

Be Ready To Provide Details Surrounding Your Personal Identification and History

  • Have a handy, valid government issued Driver’s License or state identification card
  • Have a valid passport, birth certificate, and a Social Security card available
  • If applicable, be sure to include divorce, alimony, or palimony documents
  • If applicable, be ready to provide a Green card or a valid work visa

In addition to having this basic information gathered, you should be aware of your personal credit scores and very that your credit report is free of any errors.

Among factors such as your downpayment and any collateral that you may have such as other assets, your credit is one of the most influential things that may impact your ability to qualify for a home loan.

Your FHA Checklist Should Include These 7 Documents

It is important to reiterate that every home buyer is unique. Because of this, we appreciate that many home buying situations may require special, custom consideration. Considering the information above, you are basically looking at the seven basic forms that almost any buyer may expect to provide a potential lender.

To summarize, the 7 loan application documents you need are:

  1. Tax Returns
  2. Proof of Income
  3. Bank Statements
  4. Credit History
  5. Gift Letters
  6. Official Identification
  7. Rental/Housing Payment History

To learn what credit score you need to qualify for a home loan, Click Here.

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