Some of the important items that should be included on a mortgage loan checklist are a valid Social Security number, proof of lawful residency in the United States, proof of income and employer-issued W-2 or I-9 tax forms for the past two years. For Federal Housing Administration housing loans, other requirements include the applicant's front-end and back-end ratios, a minimum 580 credit score for the minimum down payment of 3.5 percent and a property appraisal from an FHA-approved appraiser, according to Zillow.com.Continue Reading
A mortgage loan checklist should ideally be prepared before starting a mortgage loan process, as it can save time and may help expedite the application. While the requirements may vary depending on the lender, the most common requirements such as those that were mentioned can be prepared beforehand.
Private lenders such as U.S. Bank may require additional documentation from loan applicants for the mortgage process. These can include bank account and other asset statements, paycheck stubs, monthly debts that are not on the applicant's credit report and current real estate holdings, according to USBank.com.
FHA loans are insured by the Federal Housing Administration. These can be some of the easiest loans to acquire because of their less-stringent credit rating requirements and low down payment rates. Apart from those already mentioned, FHA loans also require applicants to be at least two years out of bankruptcy and two years out of foreclosure.Learn more about Credit & Lending