First Door checklist
Questions to ask a lender
The friendly answer
Ask each lender the same questions about requirements and costs, and compare their answers with what HUD publishes.
Last reviewed against the primary sources listed below.
Requirements
- What credit and income documentation do you need?
- Do you have rules stricter than FHA's own minimums?
Costs
- What upfront and annual mortgage insurance will apply?
- Which closing costs can the seller pay?
The home
- Will the appraisal check property standards, and what happens if repairs are needed?
- Is the condo project, if any, approved?
How to use the answers
If a lender's requirement is stricter than FHA's, ask whether another lender might differ.