There are 3 basic FHA loans:

- 30 year fixed rate and term
- 15 year fixed rate and term
- 1 year adjustable rate and term

All FHA loans require that you supply full documentation. This includes two, most recent consecutive paystubs, last two year’s W-2’s and a verbal verification of employment. When there is overtime or additional income, a full verification of employment may be required. In the event that the overtime or bonus income exceeds 25% of a client’s base pay, tax returns will also be required. The one exception is a Streamline FHA refinance. A Streamline refinance is a non-cash out refinance transaction for homeowners who already have a FHA loan.