A Residential Purchase Agreement (RPA) Offer was submitted by Juan and Maria Buyaar and has been accepted
Question:
A Residential Purchase Agreement (RPA) Offer was submitted by Juan and Maria Buyaar and has been accepted by the sellers. The Buyaars were initially pre-qualified prior to beginning their search for a home. Once pre-qualified, the salesperson, Michelle Gomez (CalBRE license # 568348), had a good idea of what price range homes to show the Buyaars. Now, that their offer has been accepted and escrow has been opened, they must now begin the actual loan approval process.
Purchase Terms
Address: 4862 Oliva Ave., Lakewood, CA
Purchase Price: $550,000
Initial Deposit: $10,000
Down payment: 20%
30 year fully amortized loan
4.75% interest rate
Your Position: Loan Officer 007
Your mission, if you choose to accept, is to assist the Buyaars in completing the loan application and determining if they will qualify or not. The approval must be an unconditional approval........you only have 9 days from contract acceptance date to complete your mission.
Loan Project Directions
- Complete all sections of Loan Application using information provided
- Calculate total "Gross Monthly Income" and "Combined Monthly Housing Expenses" (section V)
- Calculate total "Assets" and "Liabilities" (section VI)
- Calculate "Net Worth" (section VI)
- Calculate i, o, and p (section VII)
- Complete Sections IX and X per information provided
1003 Information
Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston