Fairfax, Loudoun County Virginia -Residential Real Estate Market Blog

FHA Loans - Documents Needed for FHA Loan

FHA Loans - Documents Needed for FHA Loan
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For past couple years I have seen increasing number of my clients choose to go with FHA financing. With the up to $8000 tax credit lot of first time home buyers are thinking of buying versus renting. But before you hit the road, financing is a very important factor to accompish your dream of purchasing a home.

The most important thing to understand is that the loan approval process is 100% dependant on your documentation. To insure a smooth transaction, it is imperative that you have all of your documents gathered prior to you initial loan application. Following is a list of all the documents you will need. Please feel free print this screen and use this as a checklist.

Employment Information

• Most recent two years complete tax returns with all schedules.
• Most recent two years W-2's, 1099's, etc.
• Most recent pay stubs covering one month period.
• If Applicable: Self-Employed will need Three years Tax Returns and YTD Profit & Loss Statement.

Savings Information

• Most recent three months complete bank statements for any and all accounts with all pages.
• Most recent statement from retirement, 401k, mutual funds, money market, stocks, etc.

Credit Information

• Most recent statements from your bills, indicating minimum payments and account numbers.
• Name, Address, and Phone number of your landlord, or 12 months cancelled rent checks.
• If Applicable: Should you have no credit. Copies or your most recent utility bills will be needed.
• If Applicable: Copy of complete Bankruptcy and Discharge Papers.
• If Applicable: If you co-signed for a mortgage, car, credit card, etc, need 12 months cancelled checks. Front and rear, indicating you are not making payments.

Personal Information

• Copy of Drivers License.
• Copy of Social Security Card.
• If Applicable: Copy of complete Divorce, Palimony, Alimony Papers.
• If Applicable: Copy of Green Card or Work Permit.
• If Applicable: If you own another home(s) - see below

If a Refinance or you own Rental Property

• Copy of Note & Deed from current loan.
• Copy of Property Tax Bill.
• Copy of Hazard (homeowners) Insurance Policy.
• Copy of Payment Coupon for current Mortgage.
• If Applicable: If property is multi-unit, need Rental Agreements.

Additional documents may be needed upon review of your file and on a case-by-case scenario.

Get your self organize and call me when you are ready to purchase your home. Team up with Ritu Desi & Samson Realty for all your residential real estate needs in Virginia. You can reach her at 703-625-4949 or email her at Info@eNOVAHomes.com