FHA Preapproval - What is needed

[Anonymous]

I am planning to get preapproved for an FHA loan within the next few weeks.  I was wondering what I should have prepared ex w-2's, paystubs, etc.  Hopefully the experts can ring on this and some people who have been recently preapproved. 

Another question - Do we need to show all of our money up front during preapproval or just when we are actually buy a house.  The reason I am asking is we have probably half of what we plan to have because we plan on receiving money from relatives etc.  Just wondering

Another thing have people been having better luck with banks, mortgage brokers, or online?

Any information would be greatly appreciated.  

[Anonymous]

Your lender will tell you what you need to have. They get a lot of your information right from your credit report but you typically need 2 months bank statements and 2 years w-2's. If they need additional information, they'll ask for it.

Make sure you don't put any money into your bank accounts that can't be accounted for because that raises red flags. They'll need proof of gifted monies and there are guidelines for who can gift you down payment. They typically do want to see some money in the accounts although i'm not sure you need all of it upfront.

[DallasLoanGuy]

i ask for fully completed loan ap

30 days of paystubs

2yrs w-2 (07 & 08) 

asset docs. (bank statements/401k tatements, ect)