FHA loan processing is the most important part of your loan process. You must verify your file from any FHA approved lender to check whether all the documents are in order or not. You can add if any documents are missing. Following steps are taken while your
FHA loan file is processed.
- Employment verification: Your form is sent to your present and past employers to verify your job and income for the past two years.
- Deposit Verification: Your form is sent to your banking institutions to verify your account balance for the past three months.
- Letter of Explanation: A letter of explanation written by the borrower explaining any issues regarding credit scores, bank account deposits, source of funds etc.
- Appraisal: It is ordered by a FHA approved appraiser, who will visit the property and verify it for FHA requirements, size of the property and will determine the value of the home.
- Additional documents: Some additional documents may be required depending on your case scenario. These documents vary for every individual's scenario.
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