Property Information

Transcription

1 LOAN APPLICATION Page 1 of 7 Property Information Street Address City State Zip Purchase Price $ Estimated Property Value $ Requested Loan $ OR Requested LTV % What is the estimated property value based on: BPO Appraisal Realtor Personal Experience Online Resource Other: (explain below) (explain below) Actual OR Estimated Taxes $ Monthly OR Annual Actual OR Estimated Hazard $ Monthly OR Annual Actual OR Estimated Flood (if applicable) $ Monthly OR Annual Actual OR Estimated Association Dues (if applicable) $ Monthly OR Annual Month/Year Acquired Acquisition Price Cost of Improvements already made Describe Improvements already made / $ $ Refinances Purchases Contract closing date Title Company Title Company Contact & Phone Number (Contact) (Phone)

2 LOAN APPLICATION Page 2 of 7 Information Co Full Name Full Name SSN DOB SSN DOB Phone Yrs In School Phone Yrs In School Married (includes separated) Unmarried Married (includes separated) Unmarried. of Dependents Ages. of Dependents Ages Current Address Current Address Street Address Street Address City State Zip City State Zip Own Rent of Year(s) Own Rent of Year(s) Expected Credit Score: Expected Credit Score: Employment Information Co Employer Name Street Address City State Zip Self Employed Employer Name Street Address City State Zip Self Employed Position Position Yrs on Job Yrs in Profession Yrs on Job Yrs in Profession Property will be held in name of State Filed Tax ID # Corporate Entity s Entity Type (LLC, Corp,Partnership) 1st Owner Name: Title: 2nd Owner Name: Title: 3rd Owner Name: Title: 4th Owner Name: Title:

3 LOAN APPLICATION Page 3 of 7 Government Required Info Ethnicity: Check One Hispanic or Latino t Hispanic or Latino Race: check all that apply American Indian or Alaska Native Asian Native Hawaiian or Other Pacific Islander White Black or African American Sex Male Female Co Ethnicity: Check One Hispanic or Latino t Hispanic or Latino Race: check all that apply American Indian or Alaska Native Asian Native Hawaiian or Other Pacific Islander White Black or African American Sex Male Female Declarations If you answer to any questions a through i, please use continuation sheet for explanation. a. Are there any outstanding judgments against you? b. Have you had any open bankruptcies in the last 5 years? Co- If, Enter dates completed/ěŝɛđśăƌőğě ĚŝƐŵŝƐƐĞĚ c. Have you had property foreclosed upon, sold short sale or given title or deed in lieu thereof in the last 7 years? If, Enter dates completed/ɛžůě ͺͺ_ d. Are you a party to a lawsuit? e. Have you been obligated on any loan of which resulted in foreclosure, transfer of title in lieu of foreclosure, or judgment? f. Are you presently delinquent or in default on any Federal debt or any other loan, mortgage, financial obligation, bond, or loan guarantee? g. Are you obligated to pay alimony, child support, or separate maintenance? h. Is any part of the down payment borrowed? i. Are you a co maker or endorser on a note? j. Are you a U.S. citizen? k. Are you a permanent resident alien? l. Do you intend to occupy the property as your primary residence? If, complete question m below. m. Have you had an ownership interest in a property in the last three years? (1) What type of property did you own principal residence (PR), second home (SH), or investment property (IP)? (2) How did you hold title to the home by yourself (S), jointly with your spouse ^WͿ or jointly with another person (O)? IP IP S S

4 LOAN APPLICATION Page 4 of 7 /Loan Profile Licensed Real Estate Agent? (Y/N) Licensed Real Estate Broker? (Y/N) Full Time Part-Time Licensed Attorney? (Y/N) Licensed Mortgage Broker? (Y/N) How often do you invest How many years have you been investing? # of real estate investment properties purchased in the last 3 years # of real estate investment properties owned today How do you typically finance the purchase of an investment property? If Bank: Please list specific banks you usually like to deal with (Detailed Investment Experience may be required) (Do not include any Primary or Secondary properties) Cash Finance with a Bank Finance with a Private Lender Partner with someone fewer than 10 miles Citywide Statewide Other States Fix & Flip Rent Other If Other: Please list specific companies that you usually like to deal with How many miles from your home do you usually invest? Typically with your investment properties, do you prefer to: Who manages your rental portfolio? If self managed, number of years managing property (If Purchase) Are you buying from: Self-managed, (Unlicensed property manager) Private Seller Bank Both Fix & Flip Hold as Rental Self-managed, (Licensed property manager) FNMA Other licensed property manager HUD Other

5 Business Plan for this property (Details will be reviewed with max LTV) LOAN APPLICATION Page 5 of 7 What s the purpose for this loan? Why did you choose this specific property? Fix & Flip Fix & Flip Fix & Rent Fix & Rent Purchase other this property another property this property another property Investment property Payoff liens Refinance Other business Other and/or taxes current loan funds Why did you choose this area? about this Loan purpose: How much are you expecting to put into the property? Rehab Details How many months do you think that rehab will take? Detail the rehab to be made (provide bids as available) Where will the rehab funds come from: Personal Cash Additional loan Other (provide detailed explanation): Do you serve as your own General Contractor? about this rehab:

6 LOAN APPLICATION Page 6 of 7 Is the property currently rented? Current Rent? Rental Strategy (complete only if property will be used as a rental during this loan) $ How long has this been rented yrs mths. Can you provide an executed lease?, explain why: Market Rent? Expected rent? (give details if below) Length of time to get rented? (months) Targeted monthly Cash Flow Is that a Government Sponsored renter? (Section 8) about this rental: How much do you expect to sell the property for? How many months do you think it will take before it s sold? Targeted net profit from executed flip What is your exit strategy for this loan? t Sure Flip Strategy (complete only if property will be flipped by the borrower) Sell to an Sell to an investor Sell to either Rehab for rent Rent and Other Owner for rental an occupier then refinance into Hold Occupier or investor a longer term loan If Other: about exit strategy How do you expect to sell? For Cash Conventional Specialty Land Contract With Seller Financing Mortgage Financing Financing IF WITH CONVENTIONAL BANK FINANCING: Would that be: about this flip: VA USDA FHA Other Unknown

7 LOAN APPLICATION Page 7 of 7 Broker/Referral Info (to be completed by broker) Name Address Phone Approved broker number Full Amortization Interest Only Rental Month Loan Program Balloon 10 Year/3 Year Amortization 15 Year/3 Year Amortization 30 Year/3 Year Amortization