How to Get an FHA Loan for Renovation?By First Equity Mortgage

What You Need to Know About FHA Loans

• People with credit scores under 500 are not eligible for the Federal Housing Administration loan.

• Minimum down payment of 3.5% is a prerequisite.• FHA is not the lender. It is the insurer. However, there are

FHA approved lenders and they can direct you to them.• The FHA loan product that is dedicated to renovations is

203(k).

Documents Needed for FHA Loans• Employment

Information

• Savings Information

• Credit Information

• Personal Information

Employment Information• Most recent two years of

completed tax returns with all schedules.

• Most recent two years W-2′s, 1099′s, etc.

• Most recent pay stubs covering one-month period.

• If self-employed, you will need three years’ worth of tax returns and year-to-date Profit & Loss statements.

Savings Information• Most recent three

months’ complete bank statements for any and all accounts with all pages.

• Most recent statement from retirement, 401k, mutual funds, money market, stocks and any other financial holdings.

Credit Information• Most recent statements from your bills,

indicating minimum payments and account numbers.

• Should you have no credit, copies of your most recent utility bills will be needed.

• Name, address and phone number of your landlord, or 12 months of cancelled rent checks.

• If applicable, complete copies of bankruptcy and discharge papers.

• If you co-signed for a mortgage, car, credit card, etc., you need 12 months of cancelled checks, front and back, indicating you are not making payments.

Personal Information• Copy of Driver’s License

• Copy of Social Security Card

• If applicable, copy of complete divorce, palimony, or alimony papers.

• If applicable, copy of Green Card or work permit.

In Case of a Refinance or You Own Rental Property:

• Copy of Note & Deed from current loan

• Copy of property tax bill

• Copy of hazard (homeowners) insurance policy

• Copy of payment coupon for current mortgage

• If property is a multi-unit, you need rental agreements

If you are looking for an FHA loan in New Jersey, contact First Equity Mortgage.

Visit: http://femtg.com/

OR

Call on: (732) 359-7800

Or

Drop in at: First Equity Mortgage1330 Laurel Avenue, Suite 101Sea Girt, New Jersey 08750