How To Apply For An FHA Loan
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.
Getting Started with an FHA Mortgage Application
Step 1: Fill Out a Loan Application
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:
- Type of Mortgage and Terms of Loan
- Property Information and Purpose of Loan
- Borrower Information
- Employment Information
- Monthly Income and Combined Housing Expense Information
- Assets and Liability (Mostly taken from your credit report)
- Details of Transaction (Summary of costs)
- Declarations
- Acknowledgement and Agreement
- Information for Government Monitoring Purposes
Step 2: Gather Supporting Documents
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:
- License & Social Security Card
- Paystubs (typically 30 days worth)
- W2’s (typically for the past 2 years)
- Federal Tax Returns (Self Employed)
- Bank Statements (Assets)
- Retirement Information (if using for assets)
Step 3: Work with Your MLO to Finish & Sign Your Full FHA Loan Application
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.
Ready to Get Started With the FHA Mortgage Application Process? We’re Here to Help!
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.
For more information or to start the application process now, give us a call at 518-782-1202 or simply fill out a short version of our online 1003.
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.