Cool Forms and Disclosures
This form allows you to pull the Borrower(s) Credit Report and lists the possible report charges which would be listed on the Loan Estimate. It also includes a Credit Card Authorization for the Credit Report or the Appraisal.
Working with First Time Buyers can be a challenge. This budget will help the Buyers understand where their money is going each month. It will also help when doing a refinance and help to qualify Seniors for a Reverse Mortgage.
It is very important to know where the Funds for the Down Payment are coming from and who is Gifting the Funds. Most underwriting guidelines require a full paper trail and 2 months of Bank Statements showing where the Funds came from.
This is a great form and it lists all the possible items needed for underwriting. It will be updated as underwriting guidelines change. It also tells the Borrower(s) why the item is required by underwriting.
Some Lenders have programs available to assist Borrower(s) with “Life Events”. The calculator will give you the numbers to see what the options are for your Borrower(s).
When you are working with a Borrower(s) and need to understand their options, this Calculator will give you the net funds available to determine if the Borrower(s) needs to sell a home for the Down Payment, or to see if they should refinance instead of purchasing a New home.
Income Calculators - Tax Returns - Personal and Business
This Calculator is what the Underwriters are currently using to establish to correct income for Borrower(s) with various income sources. It is highly recommended you use this to ensure accuracy in your income calculations.
It is also recommended you save a copy to your Borrower(s) file and also print a copy to submit with your loan file. You should put it on the top of your Income Documents when submitting so the Underwriter knows you have done your work during the Prequalifying process.
Included in the Calculator are:
Borrower and Co-Borrower Paystubs
Written VOE for Borrowers and Co-Borrowers
Borrower and Co-Borrower Non Taxable and Other Schedule C Income
Self Employed IRS Form 1084
Self Employed SAM Method
Schedlue C Income
Rental Income Worksheet FNMA From 1038
Rental Income Worksheet FNMA From 1038 Multiple
Rental Income Worksheet FHLMC Form 92
Rental Income Worksheet FHLMC Form 92 2 – 4 Unit
Rental Income Worksheet Non Subject Investment Properties
Schedule E Partnerships Form 1084
Schedule E Partnerships Form 1084 S-Corporations
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