Home Buying in 15001>Question Details

Uacc2006, Home Buyer in 15001

For an FHA loan, What documents are required with the application? W2s or whole returns? bank statements? How many? and what is the min down payment?

Asked by Uacc2006, 15001 Tue Apr 19, 2011

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Pre-Qualifying for a loan is the first step in the buying home unless you are a cash buyer. It is also important to work with a local mortgage broker that is familiar with all of the local loan programs and can offer more options than one bank. The Pre-Qualification will determine the price range of the home that you can afford. Why search for for a home in a price range that you can not afford? I suggest apply as soon as possible and at least 3 months prior to shopping for a home.

Click here for more information: http://fhamortgageinfo.com/
1 vote Thank Flag Link Wed Jul 22, 2015
Hello Uacc,

W2's are required unless you have Bonus income, commission, income, Unreimbursed employee expenses, are a union construction worker of any type , own other properies or own other businesses or are self employed. Then you would need to show tax returns.
You will also need a month of most recent pay stubs
2 months bank statements are required,. Any large deposits need to be sourced and seasoned. Also photo ID is needed.
Minimum down-payment is 3.5% and it can be a gift from a family member or charity or borrowed from your 401k or your employer.

Feel free to call me if you need more help

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
0 votes Thank Flag Link Tue Apr 19, 2011
Lew gave the correct answer below. If you need to get pre-approved or apply. Give me a call 412 567 6560
0 votes Thank Flag Link Tue Apr 19, 2011
For an FHA loan, the minimum down payment is 3.5% of the purchase price.

For documents, you usually need the following (which could vary depending on the lender):

- Last 30 days of paystubs (for people paid biweekly, this means the last 3)
- Last 2 years of W2s
- Last 2 months of bank statements (Note: submit ALL pages)
- Last 2 months or last quarterly statement of any investment accounts
- Proof of identity (usually front and back of driver's license)
- Proof if social security number (in most cases, W2s are sufficient)
- Any other supporting documents as required by the lender based on your personal situation as they may apply - such as divorce decrees, bankruptcy discharge and schedule, etc.)

Usually, you do not need to submit tax returns unless you are self-employed or own 25% or more of a business. You will sign a form to permit the IRS to release a transcript of your tax return. Virtually all lenders will require a transcript of your tax returns before settlement.
0 votes Thank Flag Link Tue Apr 19, 2011
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