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Applying for a Mortgage

Applying for a Mortgage

Conventional vs. FHA Mortgage

An FHA Loan is a mortgage loan insured by the Federal Housing Administration (FHA). The FHA does not provide the loan; rather, it insures the loan for the lender. If the borrower defaults, the lender can seek recourse from the FHA. This lowers the lender's risk and makes them more likely to issue a loan.

Benefits:

FHA Loan Requirements:

To obtain an FHA-insured loan, you need to find FHA-approved lenders and compare their loan offerings. Inquire about the income qualifications, which will vary by area. Also keep in mind that the maximum amount you can receive from FHA-insured mortgages varies from county to county, and from state to state. These mortgages are also subject to periodic improved adjustment, and that may be offered only in areas where residential real estate prices are high

What you will need:

  1. Addresses of Employers for past 2 years.
  2. Address and Account Numbers on All Debts.
  3. Three Month's Bank Statements/All Accounts.
  4. Most recent 30 Day's Paystubs and Last Two W-2's.
  5. Social Security Card and Picture ID. (FHA Only).
  6. If Self Employed - 2 Years' Tax Returns and Year-to-Date profit/loss and Balance sheet.
  7. Divorce Decree and Seperationg Papers.
  8. Landlord Addresses and Phone Numbers for 2 years.
  9. Copy of the Contract with Addendums.
  10. Personal Check for Appraisal and Credit Report.
  11. Certificate of Eligibility & DD214. (VA Only).