5 Things You Need To Know About FHA Loan Documentation

Searching for exact data on FHA LOAN DOCUMENTATION can be a tough . The net has made this chore significantly easier and definitely quicker than the way we used to do it. On the other hand, when you are looking for advice on the net, the amount of data available can be enormous. To make the process of finding advice much simpler, we've simplified it to five meaningful facts you need to understand concerning FHA loan documentation.

1. EMPLOYMENT: You will need a two year history of employment in the same field as a requirement. In other words, if you're a brick layer, you will need two consecutive years working as a bricklayer.
   
2. EDUCATION: If you are in college or a recent college graduate, your last two years of college may be used if you are currently working in your field of study. So if you went to school for Hotel Administration and are now working at a Motel 6, this will suffice.
   
3. CREDIT SCORES: The credit score requirement is much different for FHA. You will need credit scores normally above 620 for conventional financing. On the other hand, credit scores can be 580 for FHA and VA. It depends on your overall situation and underwritten on a case by case basis
4. NO CREDIT SCORES: If your a recent college graduate or have never had any kind of credit history, in some cases you may use cell phone bill, cable bill, previous rental history, etc. to establish credit history.
5. IDENTIFICATION: You will need proper ID such as state driver license, passport or brth certificate along with a copy of your social security card. This is a requirement defined by the Patriot Act