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Saturday, March 30, 2013

FHA Loan Requirements

FHA Loan Requirements in Detail

Gathering your Information - Employment, Savings, Credit, and Personal.

Employment History Matters. Information from here is needed to show the FHA that you have had an income from the last two years. These are required documents that must be complete:

The most recent two years tax returns.
The most recent two years W-2’s, 1099’s, etc.
The most recent pay stubs covering one month period.

Savings Information. “Count your pennies ,the dollars will do the rest.” Information from here shows how responsible you are for saving money. These are required documents that must be complete:

Most recent bank statements - 3 months complete showing all your accounts with all pages.
Most recent statement from retirement, 401k, mutual funds, etc..

Information about your Credit. This information is required to make sure you don’t have issues with borrowed money, and that you can make payments on time. These are required documents that must be complete:

 Bills- Most recent statements, showing minimum payments and account numbers with information.
The Name, Address, and Phone number of your landlord or twelve months cancelled rent checks.

Personal Information. Keeping it Personal, and keeping it about you. These are required documents that must be complete:

Copy of Current Drivers License.
Copy of Social Security Card.

These are the requirements needed in order to process your FHA Loan application.

See if You Qualify an FHA Loan
What are FHA Requirements Concerning Mortgage Insurance?
While the Federal Housing Administration insures loans in order to protect lenders from expensive defaults, mortgage insurance fees supply the capital necessary to provide this protection. Essentially, mortgage insurance premiums allow the FHA to insure loans, thus making mortgages more accessible to potential homebuyers that lenders may consider to be bigger risks.

All borrowers of FHA-insured loans who have not put at least 20% down must pay two forms of mortgage insurance premiums: up-front and annual. Up-front Mortgage Insurance Premiums (UFMIP) include the up-front charges that must be paid to the FHA at the time of closing, though they may instead be inserted into the loan balance. UFMIP costs equal 1.75% of the loan balance. Annual Mortgage Insurance Premiums (MIP) are monthly installments included into a borrower’s monthly mortgage statement. MIP fees fluctuate based on down payment and loan term length.
Where to Find an approved FHA Lender Near You

If you are considering taking out an FHA loan, it is important to shop around to find the absolute best rates for your loan. Due to the large amounts of money in an FHA loan, small adjustments in interest rates can make a significant difference in the total cost of your loan. To find the best possible rates for your future FHA loan, simply fill out our Lender411’s FHA Mortgage Request a Quote.

My name is Scott Grebner and I have been helping my clients realize their own personal real estate dreams. Real estate is a relationship-based business that works best when client relationships are built on trust and confidence. My goal is having clients be completely satisfied with the professional and caring service they have received.

The role of technology is rapidly changing how the real-estate market functions in this country today. Gerharter Realtors is embracing these new mediums of communication to better serve our customers. We have created our e-family to better place important information in your hands to help you with your housing needs. As a part of Gerharter Enterprises we have access to a broader range of additional services and resources to better assist you. Visit me at my Web Site, Blog, Facebook, Twitter, You Tube or Pinterest. Please check out our helpful resources on Sellers Tips, Buyers Tips, Foreclosure Tips, and Mortgage Tips. For a personal consultation please visit our Office.

It seems that the dream of past generations was to pay off a mortgage. The dream of today’s young families is to get one. I would love to hear from you, about your Real Estate Dreams and questions.
Email me at scott@gerharterrealtors.com.

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