General Documents Required for FHA Mortgage Credit Analysis

(This is not a complete list and additional documentation may be required.)

Loan Application that is signed and dated by all borrowers and the loan officer.

Credit Report obtained on all borrowers who will be obligated on the mortgage note (except in cases involving certain streamline refinance transactions).

Sales Contract for purchase transactions must be obtained along with any amendments or other agreements and certifications.

Verification of Rent or Payment History on Past Mortgage that is in the form of:

• Direct written verification from the landlord or mortgage servicer
• Information shown on the credit report, or
• The most recent 12 months of cancelled checks or receipts for payment of the rent/mortgage.

Letters of Explanation or additional documentation necessary to make a sound underwriting decision.

Evidence of Social Security Number (SSN) is required for all borrowers.  All individuals must have a valid SSN and must provide evidence of their SSN. The SSN should be documented for each borrower, co-borrower, and cosigner on the mortgage. The SSN may be validated through:

• Entering the borrower‘s name, date of birth and SSN in the borrower/address validation screen through FHA Connection or its functional equivalent;
• Examination of the borrower‘s pay stubs, W-2‘s, passport, valid tax returns direct from the IRS, or other documentation acceptable to FHA;
• Use of a service provider, including those with direct access to the Social Security Administration.

If necessary, the lender must resolve any inconsistencies or multiple SSNs for individual borrowers that are revealed during the loan process.

Verification of Deposit (VOD) and the borrowers most recent statements for all asset accounts to be used in qualifying must be obtained.  “Most recent” means at the time the loan application is made.  A VOD or bank statements may be used to verify savings and/or checking accounts. If using a VOD, the VOD must be completely filled out, including opening dates of the account(s) and the average 60 day balance. When using bank statements, the most recent previous 2 months bank statements must be used (with all pages) as long as the statements provide the beginning and ending balance of the account, otherwise the 3 most recent months bank statements with all pages will be required.

Verification of Employment (VOE) and the borrower’s most recent pay stub (at the time of loan application) must be obtained.  As an alternative to obtaining a written VOE, the lender can obtain a copy of the applicant’s most recent two W-2 forms, pay stub(s) covering the most recent 30 day period (at time of application) and a verbal verification of employment for the preceding two years.

Federal Income Tax Returns for the most recent two years — both individual and business — including all applicable schedules must be obtained for self-employed borrowers and individual federal tax returns must be obtained for commissioned individuals.

Appraisal Documentation must be obtained with the exception of FHA streamline refinance transactions made without an appraisal.

Fannie Mae From 1004MC, Market Conditions Addendum to the Appraisal Report

and

Fannie Mae Form 1004, Uniform Residential Appraisal Report – Required on one-unit property, including a property with an accessory unit and individual units in a PUD.

or
Fannie Mae Form 1073, Individual Condominium Unit Appraisal Report – Required on properties located in a condominium project.
or

Fannie Mae Form 1025, Small Residential Income Property Appraisal Report – Required on a two- to four-unit property.

or

Fannie Mae Form 1004C, Manufactured Home Appraisal Report – Required on manufactured homes.