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?
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
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.