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Loan Checklist

Residential Real Estate Loan Checklist

a) Current FT & PT pay stubs for the last 30 days,original W-2 & Tax Returns for last 2 years,proof of other income

b) Self employed Year to date balance sheet,income statements,3 years business and personal tax returns,1099's,W-2's,min 2 Years in Business Proof by a CPA letter

c) Name,address ,phone,account #s,balance and min. monthly payments for all creditors

d) Original bank statements,401k,IRA,investment accounts (all pages) for last 2 months

e) Purchase Contract(DROA) & ,property info,construction contract,building permits,plans,insurance,etc

f) If apply: Divorce Decrees,Alimony,Bancruptcy/foreclosure discharge for last 7 years

g) $500 deposit check

Commercial Real Estate Loan Checklist

The following is a general checklist of information we typically ask for when reviewing a commercial real estate loan (purchase). Please note that additional information may be required:

a) Loan application – if owner / user

b) Most recent 3 years subject property operating statements

c) Most recent 3 years company tax returns OR financial statements (income statement / balance sheet) – if owner / user

d) Most recent company accounts receivable and accounts payable aging schedules – if owner / user

e) Most recent 3 years personal tax returns for guarantor(s) (anyone who owns

20.0% or more interest in the borrowing entity)

f) Updated Guarantor Information form (enclosed) for all guarantor(s).

g) Subject property information:

- current rent roll

- copies of all current lease agreements

- most recent appraisal (if available)

- most recent Phase I environmental report (if available)

- copy of the Agreement of Sale (if applicable)

h) Some general "rules" regarding commercial real estate loans:

-The borrower is normally required to finance 25.0% of the purchase amount

-The Bank normally lends up to 75.0% of the subject property value OR purchase price, whichever is less.

-The Borrower's cash flow should (on an annual basis) support all debt payments, including the subject request, at least 1.20x (times)

-Loans terms are typically structured over 9-years (w/ 25-year amortization) or 10-years (w/ 25-year amortization)

In the 9 year structure, the interest rate changes every 3 years (3/3/3) with a balloon payment due at the end of the 9 year term.

In the 10 year structure, the interest rate changes every 5 years (5/5) or may be fixed for the entire 10-year period, with a balloon payment due at the end of the 10-year term.

i) Projected fees* normally include (but are not limited to):

-Appraisal ($4,000 - $6,000)

-Environmental report ($3,000 - $4,000)

-Facility Fee - 1.00% of loan amount

-Documentation / other - varies depending on complexity of loan, typically

around 0.50% of loan amount

*These fees can be considered as part of the loan amount and may be subject to change

Loan Programs

Loan Products by A Mortgage Star LLC

CONVENTIONAL - Traditional loan programs that usually require 5-20% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.

NO INCOME VERIFICATION - Loans where your income is not requested or verified with as little as 5% down are stated income loans. There are several varieties of the "no-doc" loan today. The type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income, or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose income but select a program that doesn't calculate debt-to-income ratios, allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.

NO DOWN PAYMENT - 0% Down payment required and closing costs paid by the borrower,seller (seller can contribute up to 3-6% towards closing costs) or the lender by negative points.

CREDIT PROBLEMS - Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for customers with credit problems.

103% PURCHASE – 0% Down payment required and closing costs can be financed up to 103% of the purchase price. Only single-family homes that will be owner-occupied are eligible. First time homebuyer status not required and there are no income limits.

80/15/5 - This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/5.

JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation

BED CREDIT LOANS - These mortgages are for the credit challenged. They can vary from slightly damaged credit to severely damaged. Whatever the situation we have a mortgage that will get you back on track.

HIGH DEBT RATIO LOANS - A ratio of monthly bills to monthly income higher than 50% is considered a high debt ratio. Loan programs are available for borrowers in this situation, allowing them to finance the purchase of a home or property.

2^ND MORTGAGE LOANS - Subordinate to the first mortgage these loans offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage. This type of loan can be a fixed rate mortgage or a home equity line of credit. Many people refer to a 2nd Mortgage as a “Home Equity Loan.”

CONSTRUCTION LOANS - Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that's overly complicated and time consuming. With this loan we will finance up to 50-100 % of the cost of land plus the costs of construction. We offer a one time fixed rate closing or traditional ARM products.

INVESTOR LOANS - Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced these programs have many variations such as No Doc, Limited Doc and Full Doc. Program may not be available in some states.

FHA MORTGAGES - No credit or bad credit ,no late payments in last 6 months,up to 97% financing

VA MORTGAGES – Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.

REVERSE MORTGAGES- A specialized loan that enables senior homeowners (62 years or older) to convert home equity into tax-free income without having to sell the home, give up the title or take on a new monthly mortgage payment. The income received from a reverse mortgage can be used for anything, including; supplementing retirement income, home improvements, health care expenses, paying off debt, vacations, property taxes and preventing foreclosure. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrowers no longer use the home as their principal residence.

COMMERCIAL & INVESTMENT LOANS -Call for Details

SMALL BUSINESS LOANS - Call for details

Please Contact Us for details. bestrealdeal@hotmail.com or visit http://808loan.com

Loan FAQ

1 What types of documentation do I need for the application?
Based on the loan program you choose, the exact documents required will vary. In general, you should bring the following:

Federal income tax statements and verification of any additional income
Your two most recent W2’s.
Current paycheck stubs
Recent bank statements
Asset and liability information (stocks, bonds, other real estate, etc.)

2 How do I know which type of mortgage is best for me?
There is no simple answer to this question. The right type of mortgage for you depends on many different factors:

Your current financial situation
How much you expect your finances to change
How long you intend to stay in your house
Your tolerance for having your mortgage payment changing from time to time.

We can help you decide which loan program is best for you. Give us a call and we’ll review your situation with you and show you what programs you might like.

3 How much of a down payment will I need?
Quite probably, less than you think. Many first-time buyers are surprised to learn there is no fixed answer to this question. Usually, down payments range anywhere from three to twenty percent of the property’s value.

4 What is escrow?
In addition to the principal and interest portion of your monthly payment, the terms of your loan agreement allow the lender to collect funds from you for the payment of your real estate taxes, insurance bills, and sometimes other items. These additional funds are referred to as the escrow portion of your payment. They are collected throughout the year and paid on your behalf.

5 What is amortization?
This is the lifetime of your loan. For example, most mortgages have an amortization of 30 years, meaning your mortgage will be paid off after 30 years.

6 Will my monthly payment always stay the same.
No, your monthly payment can change for the following reasons:
· Escrow Analysis - At least once a year, your lender will analyze your escrow account, and adjust the portion of your monthly payment collected for real estate taxes, insurance, and other escrow items. Your new monthly payment amount shown on the analysis will typically be effective on the anniversary of your first payment due date.
· ARM Adjustments - If you have an adjustable rate loan, the interest rate and principal and interest (P & I) portion of your payment will change on a scheduled basis based on its index. To determine when your new payment will become effective, please refer to your loan agreement. If you have an escrow account, the escrow portion of your payment may change as well.

7 How does the lender decide the maximum loan amount that I can afford?
The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing debts. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. Typically, mortgage payments should be no more than 29% of gross income, while the mortgage payment, combined with non-housing expenses, should be no more than 41% of income. The lender also considers your cash available for a down payment and closing costs, credit history, and employment history when determining your maximum loan amount.

8 Do I really need homeowners insurance?
Yes. Proof of a paid homeowner’s insurance policy is required at closing, so arrangements will have to be made before then. Plus, involving the insurance agent early on in the home buying process can save you money. Insurance agents are a great for tips on how to keep insurance premiums low and information on home safety.

9 What is loan-to-value and how does it determine the size of the loan?
The loan to value ratio is the amount of money you borrow compared with the appraised value of the home you are purchasing. Each loan has a specific LTV limit. For example: With a 95% LTV loan on a home priced at $100,000, you could borrow up to $95,000. The higher the LTV, the less cash homebuyers are required to pay out of their own funds. So, to protect lenders against potential loss in case of default, the higher LTV loans (over 80%) usually require a mortgage insurance policy.

10 What are discount points?
Discount points enable you to lower your loan’s interest rate. They are basically prepaid interest, with each point equaling 1% of the total loan amount. By and large, when you pay a point on a 30 year mortgage, you can lower your interest rate by 1/8 (or.125) of a percentage point. When comparing loan rates, ask lenders for an interest rate with 0 points and then see how much the rate decreases with each point paid. Discount points are a good idea if you plan to stay in your home for some time since they will lower your monthly loan payment. Points are tax deductible when purchasing a home and sometimes you can negotiate with the seller to pay for some of them.

11 What is the difference between discount points and loan origination points?
You purchase discount points to lower your interest rate. Origination points are a fee paid to the originating lender which are part of the profit margin for the services that they provide. Both are measured as percentage of the loan amount and both are factored into the loan’s APR. Generally, points are deductible as long as the seller didn’t pay for them and origination fees are tax deductible provided they are expressed as a percentage.

12 What is the difference between the mortgage rate and the APR?
The APR (Annual Percentage Rate) of a loan is supposed to be an overall interest rate with all the applicable closing costs factored in. Unfortunately, not all lenders include the same costs so not all APRs are created equally. Use the APR as a general guide to the overall cost of the loan but keep in mind that you have to look at the details of what’s included to be sure.

Loan Consultant & Loan Officers Wanted-all Islands:

Please email resume to bestrealdeal@hotmail.com ,fax 947-6641 or call 741-6641

Hawaii Mortgage Solicitor License (MS) Requirements:

http://www.hawaii.gov/dcca/areas/pvl/programs/mortgage/application_publications/

1)Are you at least 18 years of age?

2)Are you US citizen, US national or an allien authorized to work in the US ?

3)Have you ever used any other name(s) ?

4)Have you ever held a mortgage broker or solicitor license?

5)Have you ever held any other license(s) ?

6)Have you ever had any license suspended,revoked, or otherwise subject disciplinary action?

7)Have you ever been employed by any business whose license was suspended,revoked or otherwise subject to disciplinary action?

8)In the past 20 years,have you ever been convicted of crime in which the conviction has not been annulled or expunged?

9)Have you ever had or are there any pending lawsuits,judments,tax liens,or any other liens against you?

(If response is "yes " to Questions 6,7,8,9,provide details on a separate sheet and attach documentation from the proper authorities.)

10)Agrees to sign Independent Contractor Agreement and Company Policies.

We offer Top Comission Split, No Error & Ommission, No desk Fee,Home Based Agent Welcome!

If you looking for a Real Estate Job, please visit Best Realty Inc.Website http://www.bestrealdeal.com

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Loan Checklist

Loan Programs

Loan Products by A Mortgage Star LLC

Loan FAQ