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Verification of income

* Earnings statements: W-2 forms, recent pay stubs and tax returns for the past two years;
* If you are self-employed: profit and loss statements and tax returns for current year and previous two years;
* Additional income: social security, overtime bonus, commission, interest income, veteran's benefits and so on.

Verification of your assets

* List of bank account numbers, the address of your bank branch, checking and savings account statements for the previous 2-3 months;
* List of savings bonds, stocks or investments and their approximate market values;
* Copies of titles to any motor vehicles that are paid in full.

Information about the purchase

* Copy of the ratified purchase contract;
* If you made a deposit to the seller to show that you are serious about buying the house, bring a copy of canceled deposit check on house.

Your debts

* Credit card bills for the past few billing periods;
* Other consumer debt such as car loans, furniture loans, student loans and other personal and cosigned installment loans with creditor addresses and phone numbers;
* Evidence of mortgage and/or rental payments;
* Copies of alimony or child support.

If you have no established credit history, supply the lender with canceled checks for rent, utilities and other recurring obligations to show payment history and amount of revolving debt.

Lenders may also ask you about the origin of your downpayment. If money for downpayment is a gift from a relative, bring to the interview a copy of gift letter and copy of gift check. The gift letter states that the money will not have to be repaid.

Having these items on hand when you visit the lender will help speed up the application process.

Keep in mind that different lenders may have slightly different information requirements, so ask your lender what to bring to your initial loan interview.

FHA 203K Renovation Loan Advice

1.) When you select Your FHA 203K Realtor you want to create the most equity on your FHA 203K renovation so you need to be careful about two things: your Realtor and your property. A knowledgeable Realtor with experience making offers on foreclosures is key. If you are searching for a HUD Home then you need someone with knowledge of the HUD bidding process.

2.) In selecting the right property for a FHA 203K renovation you need to look for properties that need just the right amount of repair. Some people like to choose the ugliest house in the best neighborhood and some like to go for up and coming neighborhoods. Make sure you work out a strategy with your Realtor and loan officer so you can make the best choice. Keep in mind that FHA 203K Streamline loans (those for cosmetic repair under $35,000) are going to close faster, cheaper and at a better interest rate than the Full 203K will.

3.) When choosing Your FHA 203K contractor you are choosing a business partner so the first questions you need to ask are concern licensing and insurance. If either is not current drop that contractor and find another. I don't care if the guy is your best friend, if he isn't properly licensed and insured then your loan isn't going to close.

4.) For a Successful FHA 203K Closing do not buy anything on credit during the process. Don't buy furniture, a car, a new tv, nothing, wait on the purchases until you close on the loan. Also don't change or quit your job. Keep your financial position the same as the day when you first applied for your 203K loan.