Before one begins the process of filling out their paperwork for an FHA loan, there are several pieces of information they should gather so they will be prepared. A Houston FHA lender will need the following before an application can be processed:
W2s from the past two years of employment
An applicant's gross monthly income amount with proof
Employer's name and address (current employer and those from the past two years)
Income tax forms for the past two years
Current and previous addresses for the last two years
While credit restrictions are more lenient with an FHA loan, there are some factors to keep in mind. Those who are applying for an FHA loan are required to have at least a 580 credit score to avoid being turned down for credit concerns. The Federal Housing Administration recommends applicants work towards improving their credit and maintaining at least a year of positive payment records to ensure they will be approved.
Though the Federal Housing Administration oversees and insures home loans, they do not offer loans themselves. One must first find an FHA-approved lender to work with so they can go through the necessary steps to be approved for their home loan as quickly as possible.
If you are interested in obtaining an FHA loan, visit http://fha-info.com/. This site will give you thorough information on the requirements of the loan program and what information you will need to provide so your application can be properly processed. It is important the paperwork and information are correctly filled out to avoid delays in the process.
Those who are looking for an FHA mortgage lender should contact AMCAP Mortgage. They work with the Federal Housing Administration to help people receive the home loans they need to purchase a home. Contact them today for further information.