How to Apply for an FHA Loan

FHA (Federal Housing Administration) is the largest issuer of mortgage loans which also provides legal protection to the lenders against defaults. It you want to purchase your own house, you can apply for the FHA loan which is the most convenient and affordable loan for the people who earn low incomes. In addition, you only have to pay 3% as down payment. You have to fulfil certain requirements in order to be able to apply for an FHA loan which you can learn from this article.

Things Required:

– Bank Statements
– W2’s and/or Tax Returns
– Pay Stubs
– Driver’s License and/or Permanent Resident Alien Card


  • 1

    First of all, you have to get your bank statement for the last two months. Besides, you also require your pay stubs and information about any of your assets (including your pension plan). You must also provide your lender with your social security number along with the driver’s license or permanent resident alien card (if it is needed).

  • 2

    Moreover, you need to have at least 2 years of W2’s. You may also have to attach your income tax returns along with your application. If you don’t have the copies of your income tax returns, you can easily get them by contacting the local office IRS (Internal Revenue Service). IRS will send you the copies by post or by email.

  • 3

    If you have given divorce to your wife, your lender may also require your divorce papers, child support order and other settlement agreements. The lender requires these documents in order to calculate the debt-to-income ratio.

  • 4

    If you have to pay any debt, you should pay it right away so as to make your credit history clean. Even though, completely clean credit history is not one of the requirements of getting the FHA loan, but it helps in accelerating the process.

  • 5

    After gathering all the above documents, you will be able to submit your application with your FHA approved lender to get the loan.

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