Filip Markovic

👉How do I apply for an FHA loan?
An FHA mortgage is a great way to buy a house without needing a big down payment or perfect credit score.
While they’re backed by the federal government, FHA mortgages are available from just about any private lender. So it’s easy to apply and shop around for low rates.
Thanks to their government insurance, FHA loans can offer low down payments, looser credit requirements, and low rates. This makes them popular with first-time home buyers. But repeat buyers are welcome to apply as well.
👉Provide basic details
Lenders will need basic personal information and property details to start your mortgage application.
When you initially apply for an FHA loan, be prepared to provide:
• Your full name
• Your Social Security Number
• A copy of your driver’s license or other state-approved ID
• Income information
• Employment history
• The property address
• Purchase price of the property
• Down payment amount
Once you’ve provided these basic pieces of information, the lender will request supporting financial documents to verify your income, savings, and debts.
👉What documents do I need to apply for an FHA loan?
When you initially apply for an FHA loan, lenders will ask about your income, savings, debts, and assets.
Once you decide to move forward with the loan, they’ll need proof of the information you provided. That means submitting a variety of financial documents.
Borrowers are typically asked to provide:
• Tax returns from the past two years
• W2s from the past two years
• Bank statements from the previous 60 days
• Financial statements for other assets (investment accounts and retirement accounts)
• Recent paycheck stubs
• Proof of other income such as Social Security or disability income
• Name and address of your employers over the previous two years
• Year-to-date Profit and Loss statement, if you’re self-employed
The lender will also pull your credit score and credit reports. Authorizing a credit check allows the lender to view your credit history and verify your current debt load and minimum monthly payments. Lenders will typically check your credit before providing rate information and issuing a pre-approval. But don’t worry too much about the effect on your score.
As long as you submit all your mortgage loan applications within a 45-day window, they’ll be reported as a single credit inquiry on your credit report, so your score won’t be dinged multiple times.

👉Requirements to get approved for an FHA loan
Applying for an FHA mortgage is fairly straightforward. But how do you know if you’re likely to get approved?
The good news is, it’s easier to qualify for an FHA loan than many other loan programs. Here’s what you can expect.
• Credit score — FHA home loans require a minimum FICO score between 500 and 580. (Most lenders require at least 580.) By comparison, a conventional mortgage requires at least a 620 FICO score
• Credit history — You’re typically allowed no more than one 30-day late payment within the past 12 months. In addition, you shouldn’t have a foreclosure in the past 3 years or a recent bankruptcy
• Down payment — FHA loans require a minimum down payment of 3.5% if your credit score is 580 or higher. If your credit score is between 500 and 579, you’ll need a minimum down payment of 10%
• Loan-to-value ratio (LTV) — LTV compares your loan amount to the home’s market value. This is another way to express down payment requirements; since at least 3.5% of the purchase price is required as a down payment, your loan-to-value ratio must be 96.5% or lower
• Closing costs — You’re also responsible for closing costs, which are lender and third-party fees. Closing costs vary by location, but typically range between 2% and 5% of the loan amount. This expense is on top of your down payment, so you need to budget for both amounts. Contact your trusted real-estate agent about more information on ways to avoid paying for part or all of the closing costs.
• Debt-to-income ratio (DTI) — Your DTI ratio is the percentage of your gross monthly income that goes toward monthly debt payments for things like student loans and credit cards. For an FHA loan, your DTI ratio typically shouldn’t exceed 45%. Lenders might allow a higher DTI if you have compensating factors such as an exceptional credit score or large cash reserves. Typically, you’re allowed to spend up to 31% of your gross monthly income on the house payment
The home you plan to buy needs to meet eligibility requirements, too.
For instance, the home must be a primary residence, meaning you plan to live there full time. It can be a single-family property or a multi-family home with up to 4 units (as long as you live in one yourself).
And your loan amount can’t exceed current FHA loan limits, which are $356,362 in most areas but higher in certain high-cost housing markets.

For more valuable information about qualifying or connecting to a trusted real-estate loan officer, fell free to contact me.
Your local real-estate advisor,
Filip Markovic

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