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Unformatted text preview: 4 pages) Dynasty School (www.dynastySchool.com) 14-7 REAL ESTATE FINANCE 14-8 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 14: THE LOAN PROCESSING Dynasty School (www.dynastySchool.com) 14-9 REAL ESTATE FINANCE 14-10 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 14: THE LOAN PROCESSING Dynasty School (www.dynastySchool.com) 14-11 REAL ESTATE FINANCE INFORMATION FOR LOAN APPLICATION
Now that we have briefly reviewed the loan application, you now have a better understanding of the information that will be required by the lender at the time of the face–to–face interview to gather the data for the loan application. Often a lender will use a copy of the Residential Loan Application even though the applicant will be making application for a FHA–insured or VA–guaranteed loan. As a real estate professional you should counsel your prospective homebuyer concerning the required information they should bring with them when they make application. It should be noted that you should, if possible, always go with your buyers to the application appointment. This is important, for no matter how many times a person has gone through the loan application process, it is still a frightening experience. You will be a familiar face and comfort to them. The following list of information needed at the time of loan application is only a partial list and as you become more experienced you will be able to develop your own checklist of items or information necessary for the application appointment. 1. A legible copy of the earnest money contract for the transaction. It must contain the original signatures of the parties to the transaction. The buyers' names on the contract should read in the same manner as they will hold title to the property they are purchasing. If the applicant and/or co–applicant have resided at their address for less than 2 years, they must provide sufficient addresses for the lender to verify residence for a period of 2 years. If they own their current home and it is mortgaged, they will nee...
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- Spring '10