FHA Spot Approval Checklist
FHA Spot Approval Checklist
General Items
- Confirm the lender is an approved FHA lender.
- Verify compliance with FHA guidelines throughout the process.
- Maintain communication with all parties involved (borrower, lender, realtor).
Property Eligibility
- Verify property is located in an eligible area for FHA financing.
- Ensure property meets the minimum property standards set by FHA.
- Confirm zoning compliance for the property.
- Check property type (e.g., single-family home, condo) for FHA eligibility.
Borrower Qualifications
- Confirm borrower has a valid Social Security number.
- Verify borrower’s credit score meets FHA guidelines.
- Review borrower's employment history for stability.
- Check borrower's debt-to-income ratio (DTI) to ensure it meets FHA limits.
Loan Documentation
- Gather all required borrower documentation (W-2s, pay stubs, tax returns).
- Obtain proof of funds for down payment and closing costs.
- Prepare the loan application (FHA 92900-A).
- Ensure all disclosures are provided to the borrower.
Underwriting Process
- Submit loan application for FHA underwriting.
- Provide a copy of the property appraisal.
- Ensure all conditions from underwriting are satisfied.
- Review the final loan terms and conditions.
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