Excel Realty and Mortgage
Purchase SOP Date___________Borrower: __________________________________________________________Email: _________________________________ Phone: ______________________Co-borrower: _______________________________________________________Email: __________________________________ Phone: _____________________Borrower:Are you a first-time homebuyer?Any BK’s, Short Sales, Foreclosure?Currently working: W-2 or Self Employed?Line of work?How many years on the job?What is your gross monthly income?How are you paid?Base / Commission / BonusDo you have any other income sources?What is your credit score?Are you a US Citizen?If not, what is your statusAre you currently renting?Have you been making your payments on time?Can we verify 12 months of rent payments?Verification of rent contact? What recurring debts do you have?Student loans/ Car loans / Credit cards_________________ __________________ ___________________Property:What time of property are you looking to buy?SFR / Condo/ PUDPrimary/ Investment / Second HomeWhere would you like to purchase your home (Zip Code)Do you plan on staying their long-term?Mortgage Loan:How much have you budgeted for your monthly payment?Do you understand the difference in a rent vs. mortgage payment?Would you like taxes and insurance impounded?Many loans require impounds if over 80% LTVHow much would you like to have in reserves after you purchase?Fixed or ARMHow much down payment? Where will the money for down payment be coming from?If less than 20% down:1% down programsMonthly PMIFHA 3.5% downUpfront mortgage insuranceMonthly MIP80/10/10 programsThe Loan Process:Documents needed:W-2’s / 1099’s last 2 years30 days of paystubsAssets – to show down payment & reservesDriver’s License / SS Card for FHATax Returns – for self employedBusiness License / P&L StatementGeneral TipsDo not open any new debtAdditional documents will be required. It is important to send everything in a timely manner to make this a smooth process ................
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