FHA Loans Oregon

What do you need to make application for an Oregon FHA mortgage loan? Honestly, you don’t need anything except for the knowledge of your income and assets to make application but to get a valid pre-approval for an Oregon FHA mortgage loan there is a list of things that you will need to get this done. An experienced loan officer will know that they may be able to get an automated approval, but until they are able to prove what they are telling the automated system, it might as well be written in smoke. These are items that an experienced FHA loan officer should ask you for at your first meeting because they will be needed.

So, let’s cover the list, it is pretty easy and you should be able to get it together without too much difficulty. You will need:

1. (INCOME) Current pay stub that shows year to date earnings. If you are self employed, we may require a year to date profit and loss statement.
2. (INCOME) Past two year’s W2 forms from all employment. Currently, we are looking for the 2007 and 2008 W2 forms. Again, if self employed, we will need your last two year’s complete federal tax returns. (I don’t want the state return.) If you are commission income, we will want your tax returns to view any employee expenses that you are writing off on your taxes.
3. (ASSET) Two most current consecutive bank and/or asset account statements.  We want all pages of the bank statement. Internet statements are acceptable but make sure the statement shows the proper length of time and that your name, the bank name and account number show on the statement. If it is an account number like this XXXXXXX1234, that is acceptable.
4. (ASSET) Since and FHA loan allows gift from family or close family friend, you will need the information about who will be gifting you the money for a down payment or other source of funds for down payment and closing costs.
5. (IDENTIFICATION) Driver License and Social Security Card. If you have moved to Oregon from another state and have been here for more that 30 days, that should be an Oregon Driver License, per state law.
6. (RESIDENCE) Complete addresses for last two years.
7. (EMPLOYMENT) Employment for last two years, including any break in employment (what were you doing).

Once a property is identified and credit report has been done, there will probably be some other items needed having to do with the specifics of the loan process. If you do not have access to these items, now is a good time to begin gathering them for your application. As always, if you have questions, please contact me at 541-342-7576/541-221-3455 (Cell) or my e-mail at eugeneloanguy@gmail.com. You can also fill out the form following and I will contact you.

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