A person can apply for an FHA loan either online or by sending the application to the Federal Housing Administration (FHA) via mail. The FHA requires a person to submit a lot of information, which is necessary for processing an individual's application. The FHA provides mortgage insurance to all FHA-approved lenders in the United States.
Before applying for an FHA loan, it is essential to understand the necessary requirements for qualification. An applicant must provide all the addresses where he or she has lived for the past two years. Amount of gross monthly salary is also a requirement. The FHA will need to know the name of a person's employers and the employers' addresses for the last two years. Applicants must submit all W2s for the past two years. Additionally, the applicant needs to provide the past two years' income tax forms.
Ensuring that all the information is provided as requested is necessary for processing of the loan. An FHA loan is easy to qualify for because it requires a low down payment of 3.5 percent, as stated by HUD.gov. People with poor credit can also qualify for the loan. FHA loans are provided by the government to help people become homeowners.