Hello, this is Ed Macias with Lender Funnel. One of the questions we were recently asked at Lender Funnel is, "What are the FHA loan requirements?" This question came from someone who was ready to move forward and finance their dream home. They were curious about what they needed in order to do so. Let's answer that question. When you're purchasing a home with an FHA loan, there are a few requirements that need to be met. The first requirement is having a job. Whether you're self-employed or a wage earner, you'll need to provide proof of two years worth of income. If you're a wage earner, this means providing W-2s for the last two years. Lenders typically ask for W-2s from 2014 and 2013. Current employment information is also required, so if you've switched jobs, that is okay as long as you have a two-year work history. Proving employment is relatively simple. You'll just need to provide your last 30 days of pay stubs. The lender will also do a verification of employment with your employer to confirm your current job status. The second requirement for an FHA loan is credit. However, obtaining a good credit score is not overly difficult for an FHA loan. For first-time homebuyers with a 3.5% down payment, a minimum credit score of 580 is typically requested. It's important to note that not all lenders offer this low of a credit score requirement. At Lender Funnel, we work with many lenders who do accept a 3.5% down payment with a lower credit score. Lastly, the third requirement is the down payment. With an FHA loan, the down payment doesn't have to be solely your own funds. It can be gifted by a family member, such as a brother, father, or mother. The family member will need to provide...
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Fha gift funds 2023 Form: What You Should Know
Although Gift money that comes from a charity is not exempt from income tax, an amount from such a source will not qualify for the FHA down payment or loan guarantee provisions in Section 203 of the FHA legislation. However, you can use the funds to pay for your home buying, refinancing or construction costs. HUD 4000.1 also gives specific examples of certain forms of FHA-issued funds that must satisfy the FHA requirements, including those received from a charitable organization, government or public agency, individual, trust and domestic Corporation. Please see the guidance in HUD 4000.1. The Federal Housing Administration's (FHA) Single Family Housing Policy Handbook 4000.1 (SF Handbook) is a consolidated, consistent, and comprehensive HUD Guide to FHA home loans, The FHA Handbook for Home Buyers and Seller — HUD 4000.1 All FHA Approved Mortgagees (HUD Mortgagees) — HUD. HUD 4480.1, Single-Family Housing, HUD This FHA manual is part of HUD 4480.1, the Single Family Housing handbook. Additional Resources Related to HUD Home Loan Diversification Home Loan Diversification Guide for Buyers — HUD The HUD Home Loan Diversification Guide can be found in HUD 4480.1. The Guide identifies specific loan types (e.g., fixed-rate financing, adjustable-rate financing). HUD 4480.1 also provides guidance for homeownership counseling. Additional Resources Related to HUD Home Improvement Guide Loan Servicing Guide for Buyers — HUD The HUD Loan Servicing Guide can be found in HUD 4480.1. The Guide provides general guidance about how to complete and maintain your loan. It also lists other resources that HUD may recommend to you, such as the FHA Home Improvement Program.
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