Purchase Loan: Required Information for Initial Review
1. Credit Reports: Submit the credit reports If already run by other or credit authorization signed by the customer at the same time of your loan submission request so we can qualify your loan.
2. Down Payment: State clearly the percentage of the amount in dollar of down payment and if known, the source of down payment such a gift from some one, co-singer, etc.
3. Sale Price: If the buyer(s) is looking to purchase the property, provide the buyer's price range by using the maximum of the price. Please provide a copy of purchase agreement if the property is in escrow or accepted and escrow information if known
3. Documentation Type: State clearly in your loan request that loan qualification for: Full Documentation verification, Stated Income verification of asset, or Stated Income-Stated Asset (stated-stated).
Note: This pre-qualification or qualification is for pre-approved only. The complete loan package must be submitted includes 1003, loan disclosure, etc.. in order to process for final approval and loan docs. Please refer to the loan application checklist for required document.
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