By having a careful look at FHA guidelines, you do not only save your time, but also make the process smooth. It’s good if you have a checklist to confirm that all the important requirements are duly fulfilled. Well, here’s list of required information that loan officer may need so keep it ready:

• Residential address (Past two years)
• Your Social Security numbers
• Names and addresses of your employer (past two years)
• Your current gross monthly salary
• Pertinent information for all checking and savings accounts
• Pertinent information for all open loans
• Complete details of all real estate you own
• Approximate value of all personal property
• If you’re a veteran, you’ll need certificate of Eligibility and DD-214 too
• Current check stubs and your W-2 forms (past two years)
• Personal tax returns (past two years), current income statement and business balance sheet for self-employed individuals

By following FHA guidelines, you won’t have much complications and whole of the process will go smooth too.

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Government-insured (Federal Housing Administration) FHA loans now make up about 25% of the mortgage market. Here are five reasons you should consider an FHA loan, if you’re looking to purchase a mortgage loan:

1. Chances are good that you’ll come across one.
2. Borrowers can qualify with any income. Historically FHA loans have gone mostly to low-income borrowers. But, in fact, there’s no cap on what someone can earn.
3. Expect a tough appraisal. The home will need a clean bill of health from a government-approved appraiser, and the seller must fix any issues before a buyer can close on the loan.
4. These loans are pricier than they seem. Nominal rates on FHA mortgages are comparable to those on conventional loans. But hefty fees on the FHA variety up the cost.
5. They’ve gotten easier to obtain. FHAs once had a well-deserved rep for onerous paperwork and a longer, more difficult closing than conventional loans. But thanks to a new automatic underwriting system and the looser repair requirements, FHA mortgages take only a few days longer than conventional loans to close, says Bill Banfield, a vice president at Quicken Loans.

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Before Applying for an FHA Loan, it’s always good to look at FHA Loan Requirements. By doing so you actually get two way benefits:

You save your time by not looking for unnecessary documents and stuff.

You get a streamlined way for quick approval.

FHA Loan Requirements are actually not hard to meet as people with poor credit history can also obtain the FHA insured loans. One thing you must know that FHA is not a loan provider but it provides the insurance on private mortgages. Most of the FHA loan programs are meant for the first time home buyers, but if you’re the borrower with adjustable rate mortgage and want to have facing for the risk of foreclosure you can also avail FHA Secure Program. The basic FHA loan requirements that must be met by every borrower are:

• Valid citizen of US
• Borrower must have Social Security Number (SSN)
• Must have attained a legal age to sign mortgage documents (state specific)

Along with these, you must also look carefully at following FHA Loan Requirements:

• Steady employment for two years
• Any bankruptcy must be two years old
• The foreclosure must be three years ago
• The mortgage payment should be 30% of the gross monthly income
• The minimum credit score should be 580

This quick read of two minutes can save your two months. Also look at FHA Loan Qualifications

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There may be various other reasons for which first time home buyer should opt for FHA loans, but here are some tops ones:

• FHA loans only require minimum down payment, i.e. 3.5%.
• You may get the allowances for past credit problems with a FHA Loan.
• There is a shorter time from bankruptcy before you are eligible.
• With FHA Loans. the first time home buyer also qualifies for the $8,000 Tax Credit.
• FHA appraisals do not have to be ordered through the HVCC (Home Value Code of Conduct).

If you’re also a first time home buyer, you must not ignore the FHA loan option. To discuss it in detail with us fill out the form here or call us at

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