FHA Mortgage Guidelines:  For the Professional

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FHA Documents

FHA Program Specific Documents:

  • Addendums to URLA (92900a and 92900b forms).
  • Assumption Notice.
  • Importance of Home Inspections (dated same as purchase contract) HUD Form 92564.CN. This form is not needed if it is incorporated into the Purchase Contract.
  • Evidence of Social Security for each Borrower.
  • Amendatory Clause/Real Estate Certification (the verbiage for these required disclosures might be contained within the purchase agreement. If so, no additional documents are required separately.)
  • Informed Consumer Choice Disclosure.
  • Servicing Transfer Disclosure.
  • Rate lock agreement (of 15 days or more prior to closing) required if the Borrower is charged for a rate lock or commitment fee.
  • Borrower’s Signature Authorization form.
  • Condominium Owner Occupancy Certification (on all FHA transactions except streamlined refinances). FHA Underwriter must verify the owner occupancy of the condo project is currently 51% or greater (i.e., remains in “good standing” with HUD.)
  • Condominium Spot Approval Questionnaire (if FHA Underwriter is issuing an approval on a Condo complex that has not been pre-approved by HUD).
  • Power of Attorney forms (if applicable). If using a POA for the Borrower, it may be used for CLOSING DOCUMENTS only. The POA must be fully executed, must be specific to the loan transaction and must meet HUD and state requirements.
  • Probate Court approval documents (for Estate Purchases) if applicable. The probate approval of any FHA loan must be documented if the Seller (Owner of Record) is currently in the name of an estate.
  • FHA Appraised Value Disclosure
  • FHA Identity of Interest Certification

Age Of Documents:

Credit document limitations:

90 days at time of loan underwriting approval (NOTE: Verbal VOE’s can be no older than 30 days at time of loan approval.) Case by case, the FHA Underwriter may require the most current pay stub or credit account statement for final analysis of the loan)

120 days at closing for existing properties (manual approval).

180 days at closing for proposed construction (manual approval).

Use DU/LP findings of 120 days for expiration of documents if loan is approved by an Automated Underwriting System..

Appraisal Report limitations:

180 days at the signing of the note for existing construction.  Lender may require recertification after 90 days.

12 months at the signing of the note for proposed construction.

Once the appraisal has exceeded its expiration date, an entire new appraisal must be done. Lender must notify FHA that the original appraisal and case # have expired. HUD will either terminate the old case # and assign a new one to the new appraisal or will transfer the old case # to the new appraisal.

Property Inspection Reports/Certifications:

Only needed if lender or appraiser deem necessary.

 

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