Applying for an FHA Loan is not much different than applying for a standard conventional mortgage. There are extra documents specific to FHA that must be filled out, including FHA Addendums, an FHA notice to homebuyers, and a few other FHA standard mortgage documents. However, the core documents remain the same.
If you’ve decided to apply for an FHA Loan, you should first contact your Mortgage Loan Originator (MLO) to fill out a complete Uniform Residential Loan Application, which is also known as a “1003” or “ten-oh-three.” This is a basic mortgage application that covers:
Once this information is compiled and credit is pulled, the next step to apply for an FHA Loan would be to gather documents that support the information you provided when completing your 1003. This can include the following:
The documents you gather and the 1003 you completed with your MLO will be used to print out a “Mortgage Package” that you will need to sign, along with your MLO. This is considered your full application. These documents consist of many single documents and disclosures including The Patriot Act, Right to Receive Appraisal, NY Pre-Application Disclosures, FHA Specific Documents (described earlier), Good Faith Estimate, Credit Score Disclosures, along with a few more.
The steps listed above outline the basic process for applying for an FHA Mortgage. Whether you are applying for an FHA refinance or an FHA home purchase, the steps are very similar.
Feeling overwhelmed by the mortgage application process? We know applying for a home loan can feel like a daunting prospect – but our team of mortgage professionals will be here to help you every step of the way. Don’t hesitate to reach out with questions, concerns, or for guidance at any point during the home purchase process. We’re available by phone at 518-782-1202, or you can connect with us online here and we’ll get back to you shortly with the information you’re looking for.
Editor’s Note: This content was originally published in 2013, but has been updated as of February 2020.