| credit equity home line such conditions can be a daunting experience for the consumer, but it is crucial for the lending institution to ensure the information being submitted is accurate and meets specific guidelines. This is done to give the lender a reasonable guarantee that the borrower can and will repay the loan. If a third party is involved in the loan, it will help the borrower credit equity home line clear such conditions. These documents typically required for underwriter review. Many of these are not required for no-doc and low-doc loans. credit report 1003 -- Uniform Residential Loan Application 1004 -- Uniform Residential Appraisal Report 1005 -- Verification Of Employment (VOE) 1006 -- Verification Of Deposit (VOD) Pre-qualification is a term of art in retail finance, and means that credit equity home line loan officer has taken some information from the borrower, and made a tentative decision, but not verified any of it. With a pre-qualification, the borrower typically has not stated their social security number or other identifiers, so it credit equity home line not possible to check credit. A borrower will give their employment, income and asset information and the amount of current monthly debt. In addition a borrower is asked about their general credit worthiness. Based on this quick work up the borrower will be told that they pre-qualify for a certain loan amount. For example, if the borrower makes credit equity home line or $2600/month this is then calculated to an industry-standard ratio of debt to income, for example 36%. So if a borrower makes $2600/month they would be pre-qualified at a total debt of $936 (this includes any monthly payments 1007 -- Single Family Comparable Rent Schedule 1008 -- Transmittal Summary Copy of deed credit equity home line current home federal income tax records for last two years Verification Of Mortgage (VOM) or Verification Of Payment |  |
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