Mortgage Application Page 2

Rent Letter: The content of the rent letter should request:

• That the professional loan officer/manger state the length of time that the borrower has rented.
• The amount of rent paid monthly.
• The payment history of the borrower, whether it is satisfactory or unsatisfactory.
• If the borrower has been living in the current residence for less than two years, you should estimate a history of previous address.
• Co-Borrower Section: Repeat the above section.

4. Employment Information

• Name & Address of Employer: Name of Employer and Their Address
• Check Box: If the borrower is Self-employed
• Yrs. On this job (or business): Number of years on job or business
• Yrs. Employed in this line of work/profession: Total number of yrs. In this type of Career or Business
• Position/Title/Type of Business: Name of your position of the borrower.
• Business Phone: The number to get a hold of the borrower, sample: (000) 000-0000
• Former Employer: If current position is less than two years, repeat above steps.
• Former Employer: If former and current position is less than two years, repeat above steps.
  
• Co-Borrower employment section: Repeat Borrower’s employment section.

Minimum 2 years in the same line of work

5. Monthly Income and Combined Housing Expense Information

• Income Section: See Income for Borrower and Co-Borrower
• Combined Monthly Housing Expense: Present Address, Total breakdown owed each month, include all parts.
• Proposed Monthly Housing Expense: New amounts of the Total breakdown, Purpose is to save the borrower money. Should show a reduction of debt load.
• Described Other Income: This section is used to not reveal for repaying this loan.
  • First Part, whether it’s the borrower or Co-borrower.
  • The Item Description
  • The Monthly Amount

6. Assets and Liabilities

Check Box: Check the box must appropriate.

1. Assets Section:

• Cash used for down payment., where held, and the amount
• Checking and/or saving accounts: Name, Address, Account Number and Current Balance.
• Stocks and Bonds; Address, Account Number and Current Balance.
• Life Insurance; Face value, Insurance amount purchased.
• Total of Liquid Assets: Total amount of above section.
• Other Assets: Real Estate Owned (Current and Others).
• Vested interest in retirement fund: Name and Current Amount.
• Net Worth of Business: Please attach financial statements.
• Automobiles Owned (make and year): Current Value of each.
• Other Assets: General Description of each Type: Furniture, Boat, RV, Antiques.
• Total Assets: The total gross worth of all assets.

2. Liability Section

• Name and Address of Company: Company you owe money.
• Account No.: The number used to make payments.
• Monthly Payment/Months to payoff account: Installment and mortgage accounts will have a total of month’s left to payoff loan.
• Current Balance: Current outstanding balance of each account.
• Total Monthly payment: A total of all monthly payments.
• total Liability Amount: A total amount of all outstanding debts.
• Net Worth: A total of all monthly payments - A total amount of all outstanding debts.