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Frequent Contributor
Kozmo
Posts: 320
Registered: ‎07-08-2012
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FHA Underwriting Documents needed

[ Edited ]

Does anyone have a list of the documents FHA underwriters will ask for?

 

We want to be prepared for if/when our offer on a house is accepted.

 

So far I only know of:

 

1. One month of paystubs

2. 2 or 3 months bank statements

3. Last 2 years tax returns with W2's

4. Copy of SS card

5. I've heard that if there is another name on the bank account that is not one of the borrowers, a letter needs to be provided advising auithorization to use the funds. In this case my name is on the account but the loan is in her name only. Is this the case?

 

6. We just got married and our closing costs are from th gifts we received from those attending the wedding. We sanned all of the checks and made a copy of them...but we also had a lot of cash as well that we deposited. So we have 2 large deposits...one that can be traced with checks...the other is just cash. Do we just write a letter explaing this? Or is there something else we have to do?

 

 

Thanks! Just trying to get these together to get it in there ASAP!

 

 

I should add that she is NOT self employed...has been with her current employer for 3+ years. Credit is stellar.

 

 

Also, she currently rents an apartment in her name...does she need anything for this? Any contact info for the rental company that owns the complex? Wll FHA call them to verify address and everything?

 

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: FHA Underwriting Documents needed

If you are the only one on the loan, then yes you need some sort of letter from her authorizing the use of her bank account.

The only other docs I can think of is 2-3 months of statements from your 401K or other retirement account if you have one. You will also have to write LOEs for all non payroll deposits made to your accounts that span over the 2-3 months of bank statements required. They also wanted a copy of my Driver's License.

As far as the apartment rental goes, rental history is not usually required unless you have a borderline score or an insufficient amount of open trade lines (less than 3-4).
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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: FHA Underwriting Documents needed

Oh and the lender did not request contact info for my landlord nor did they call to verify my address.
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Frequent Contributor
Kozmo
Posts: 320
Registered: ‎07-08-2012
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Re: FHA Underwriting Documents needed

Ok so she needs retirement docs even though we're not using it?
Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
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Re: FHA Underwriting Documents needed

While you can submit all your financials it is not a requirement if what you are submitting is enough.

I have never, nor will I ever submit more financial information than is necessary to obtain the loan.
Good Luck
May all your dreams and wishes become a reality!
Frequent Contributor
Kozmo
Posts: 320
Registered: ‎07-08-2012
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Re: FHA Underwriting Documents needed

JM-Are you referring to the retirement accounts?
Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
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Re: FHA Underwriting Documents needed


Kozmo wrote:
JM-Are you referring to the retirement accounts?

Technically any type of financial account...

I have 9 savings accounts, 11 checking accounts, a pension, 401K, and IRA and several paid homes. Then I also have business accounts.

 

Whenever I have to disclose information financially, I only show what is needed to meet the needs of what Im purchasing.

 

So in my situation if I was purchasing another house today, I know 1 checking account would be all they would need to approve me, but I would also submit 1 savings account affiliated with same checking account. I do not offer any more financial information then what is necessary. It is not the Lenders business or any one else's what my financial situation is, as long as I meet their requirements.

 

The only person who see's all my financials is my accountant, and even if I wanted to keep it from them I couldnt, since it is my other half. lol

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
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Re: FHA Underwriting Documents needed

Before any one questions how many accounts, well our hardship with credit and such several years back was because we kept everything in our small bank locally. Which was one of the banks that went belly up! Dont think need any more explanation...

 

I learned a hard lesson then, it wont ever happen again. No account will ever have more then would be federally insured.

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: FHA Underwriting Documents needed

I agree with JM-AM. But I would find all the docs and compile them ahead of time so that you just hand over the ones the LO requested right away so as to not delay the process.

Usually before desktop underwriting, your LO will call and ask that you bring specific documents. But sometimes more docs are required after you enter UW by the loan processor. So be prepared to provide other docs at a later date as a condition for approval..
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