1.
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Property Address - if you have not chosen a property yet,
you should enter "TBD" (to be determined).
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Please note that you will not have the ability to lock in
your interest rate until a property has been chosen.
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2.
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Employment - you will need to be able to answer questions
pertaining to the amount of your gross monthly income. There
are worksheets and guidelines to help you calculate such.
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Please have available your complete tax returns and all
W-2?s for the previous 2 years in order to complete the
income worksheets. You will also need your 2 most recent
paystubs to calculate income.
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Employment will need to be listed for the previous 2 years.
By having your tax returns available, this will allow you to
list all the employment positions you?ve had over the past 2
years.
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3.
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Assets - you will be required to disclose all the financial
institutions which you will be withdrawing from in order to
meet your downpayment and closing costs requirements.
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Please have complete bank statements for all these accounts
available in order to answer the required questions.
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4.
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Obligations - you will be required to disclose all monthly
obligations which you are obligated to a creditor.
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Please compile your monthly bills in order to answer these
questions. You should not include the following monthly
obligations on the application:
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Utility bills (phone, cable, gas, electric, water, etc.)
Medical bills
Monthly rent
Installment Loans which have less than 10 payments left
Student Loan payments which are currently in deferment and
will be for at least the next 12 months
Insurance payments
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5.
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Real Estate Owned - you will be required to list all real
estate property which you currently own.
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You should have the rental agreements/leases available as
gross rental income is calculated using a percentage of the
monthly rental income as shown on a lease. There are
worksheets available to help you calculate these amounts.
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