The Ultimate 2018 FHA Underwriting Checklist

Bruno Simpson Last Updated Jul 10, 2018 (0) comment

fha underwriting checklist

Are you in the midst of the mortgage application process?

You’ve probably heard of mortgage underwriting and may be wondering what it is. Well, we’ve got you covered!

In this post, we’ll give you the scoop on what mortgage underwriting is, and provide the ultimate 2018 FHA underwriting checklist which is sure to make the application process go a lot more smoothly.

What Is Mortgage Underwriting Anyway?

The mortgage underwriting process occurs when a lender wishes to assess the risk of a potential borrower so as to ensure that he or she meets all of the necessary requirements.

When you take a loan out for a mortgage, the lender will require you to provide many different documents. The loan officer will work with you to make sure that all of the necessary documents are completed, present, and as accurate as possible.

Then, the loan officer will create a file with all of the borrower’s documents. This is then turned into the mortgage loan underwriter to receive final approval.

In the event that a file is insufficient, the underwriter will return it to the loan officer and give him or her additional time to continue working with the borrow to collect all of the necessary information.

The Checklist

Below is the information you will need to provide the loan officer with before you can begin your application.

  • Your current address
  • Your social security number
  • The name and location of your employer(s) from the last two years
  • The gross monthly salary at your current job
  • Information on both your checking and savings accounts
  • Information on any open loans you may have
  • Information on any real estate you currently own
  • The approximate value of all of your personal property
  • Current pay stubs and your W-2 forms from the last two years

Additionally, if you are self-employed, you’ll also need to provide your tax returns from the last two years, a current income statement, and a business balance sheet.

You will also be required to pay for a credit report and an appraisal of the property you are looking to receive a mortgage for.

On top of all of these items, you’ll also need to provide additional documentation once it comes time to close. These may include your identification, proof of title insurance, proof of homeowner’s insurance, and closing funds.

The closing funds will be provided via either an electronic wire or a cashier’s check.

Get Started with This Ultimate FHA Underwriting Checklist

You can use this, the ultimate 2018 FHA underwriting checklist to help you ensure that you have all of the necessary items for your loan officer and underwriter. Just follow the outline here, and you’ll be sure to capture all of the documents the lender requires you to provide – which will make for a much easier application process.

No one likes to go back and redo work, do they? By following this checklist, you can avoid that entirely.

Are you wondering where to start and what loan choices you have? Check out the rest of our website for more helpful information.

Pre-Qualify For The Lowest Interest Rate

Get custom home loan advice from a mortgage expert today.

Get Started Here
FHA Loan Checklist Credit Check