What are FHA Loans?
FHA loans make getting in to your first home achievable. Even if you aren't ready to buy yet, schedule a consultation and we can help take control of your path to homeownership.
What to Expect
At Diversified Lending, we help you buy the home where you will make memories with your family.
How it Works
Proof of Income
- Salaried employee: Last 2 months of pay stubs and last two years of W2’s.
- Self employed: Tax returns for the last 2 years and return and loss statements.
- Bank statements for the last 3 months
- Retirement account information (401ks, IRAs, etc.)
You may need other information, such as:
- If you own rental properties, you will need the rental agreements and tax returns for the last 2 years.
- If applicable, divorce decree or settlement agreement
- If not a U.S. citizen: A copy of green card front and back.
- shop for a home within your approval budget
- improve your negotiating stance as a serious buyer
- identify appropriate loan options for your situation
At this stage, we pull your credit to get a complete view of your lending picture.
- How long you plan to be in the home
- Whether to pay extra for points at close to obtain a better rate
- Loan program options
- Downpayment assistance
- While we do our best to minimize what’s being asked, there may be some paperwork that seems redundant or unimportant. Regardless, the lender will still need this so be prepared for additional requests.
- When requests come through, always respond with information as soon as possible. Delays in paperwork extend the process and may delay your close date.
- It’s very common to have an additional, unexpected hurdle or pieces of information needed here. This is the point where the lender is examining your situation in detail and they may find additional information they need. We work with you to overcome any roadblocks.
Frequently Asked Questions & Answers
* 3.5% for credit scores 580 and above
* 10% for credit scores below 580
* Colorado Housing Association Corporation (CHAC)
* Colorado Housing and Finance Authority (CHFA)