Section 3: Financial Information - Real Estate
3a. Property You Own
▪ Enter the details about each property (including undeveloped land) you own and/or for which you are obligated on a mortgage
▪ If this is refinance transaction, list the property you are refinancing first
▪ Enter timeshares only if you are a titled owner of the property.
▪ Enter the associated mortgage(s) details for each property if you are obligated on a mortgage, no matter what your relationship is to the property—whether you own the property by yourself, jointly with someone else, or are not on the title to the property.
▪ Select I do not own any real estate and skip to Section 4a. Loan and Property Information if you do not own real property and are not obligated on a mortgage.
Property Value Provide an estimate of the current property value from the borrower, loan originator, appraisal, or a valid property valuation source.
Status -
▪ Enter Sold if you recently sold the property.
▪ Enter Pending Sale if the property is currently under contract for sale.
▪ Enter Retained if: you will continue to own the property after this mortgage loan closes (for example, if the property is a vacation home or investment property that is not the subject of the mortgage loan), the subject loan is a refinance, or the property is currently listed for sale but is not under contract yet.
Intended Occupancy If you will continue to own the property after closing, provide its intended use:
▪ Enter Investment if neither you nor any other Borrower on the subject transaction intends to occupy the property.
▪ Enter Primary Residence if you intend to occupy the property as your primary residence, OR the mortgage loan meets the requirements for Primary Residence eligibility.
▪ Enter Second Home if you or any Borrower intend to occupy the property but not as your primary residence (for example, as a vacation home).
▪ Enter Other if none of the other intended uses apply (for example, if the property is undeveloped land) or if the borrower intends to occupy the property but does not know how they intend to occupy the property.
Monthly Insurance, Taxes, Association Dues, etc.
▪ Enter the sum of any of these expenses that are not included in the amount entered for Monthly Mortgage Payment under Mortgage Loans on this Property.
▪ Association dues (condo, PUD, co-op fees, or special assessments) are not generally included in a monthly mortgage payment and therefore should be entered here.
Monthly Rental income ▪ If owned Retained property is a 2-4 unit primary residence or an investment property, enter the gross monthly rental income you receive from the property.
Net Monthly Rental Income
We will calculate Net Monthly Rental Income for qualification purposes for a 2-4 unit primary residence or an investment Retained property.
3a. Property You Own
Mortgage Loans on this Property:
Select Does not apply and skip to Section 4a. Loan and Property Information if you are not obligated on a mortgage for this property.
Account Number Enter the last four digits of the account number unless your Lender directs you otherwise.
Monthly Mortgage Payment:
Enter the mortgage payment amount. Include the cost of insurance and taxes in this amount if you did not enter them separately under Monthly Insurance, Taxes, Association Dues, etc.
Unpaid Balance To be paid off at or before closing:
▪ Enter the balance due on the mortgage loan. You can obtain this amount from your credit report or other document, such as your mortgage statement
▪ Select To be paid off at or before closing for any mortgage loans that will be paid off at or before closing.
Type: Leave this field blank if you are unsure about the type of mortgage loan. We will provide assistance assistance if necessary.
Credit Limit: Enter the maximum amount that you are permitted to borrow if you have a home equity line of credit on the property.
3b and 3c. IF APPLICABLE, Complete Information for Additional Property
▪ Complete this section only if you own more than one property. Repeat this section for each property, as needed.
▪ Select Does not apply and skip to Section 4a. Loan and Property Information if you do not own more than one property.
Related Topics: Sections of Uniform Residential Loan Application
Section 1 : Borrower Information Section 2: Financial Information - Assets and Liabilities Section 3: Financial Information - Real Estate Section 4: Loan and Property Information Section 5: Declarations Section 6: Acknowledgements and Agreements Section 7: Military Service Section 8: Demographic Information Section 9: Loan Originator Information
Related to Uniform Residential Loan Application:
Additional Borrower Application, if applicable Continuation Sheet, if applicable Unmarried Addendum, if applicable
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