Pre-Approved!

We received an email informing us that we have been pre-qualified for an FHA loan.  Along with the news, we received several documents:  

1. Truth in Lending:  This document is supposed to make it easier for the lay person to understand what the heck all these numbers represent.  To be honest, it clarified a few things, but ultimately made me realize I understand the process less than I originally thought.
2. Good Faith Estimate: Here we are told how much cash we must have on signing day.  This number includes your down payment, settlement charges, initial monthly payment, origination charges, etc.
3. FHA Closing Worksheet:  An itemized list of all the fees and closing costs.  Additionally, there is a table outlining how much the seller and buyer are bringing to the closing table.  Most importantly, there is a table calculating the total amount we will be required to pay each month inclusive of taxes, insurance, etc.
4. Needs List: This unassuming document is the biggest pain of them all.  It essentially requests all our personal and financial information.  Including: identification, 2 years worth of tax returns and W-2/1099s, 2 months of statements for all bank accounts, IRAs, Stock Accounts, landlord information, name of homeowners' insurance provider, and of course a check for $400.

I will outline each of the above documents in a separate post.  In the meantime, we are excitedly awaiting our first design meeting on Friday.  At that point we will be expected to make final decisions on all exterior and electrical elements of our home.