Hi! I have an assignment I need some assistance with regarding real estate finance. Please help! Need it completed by tomorrow, will tip! I will email the files to you (including post questions), because for an unknown reason, coursehero does not support them.... even though they are just word documents. Thank You So Much!!! <3

The intent of the assignment is to walk the student through the basic application and documents a loan officer would be executing in a normal real estate transaction. Please read the documents to familiarize yourself with the information. As a real estate salesperson you are often asked by your client to clarify information in these documents. As a professional, you need to know what they say and be able to clarify for you client.

Scenario

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

1. Address: 4862 Oliva Ave., Lakewood, CA
2. Purchase Price: $550,000
3. Initial Deposit: $10,000
4. Down payment: 20%
5. 30 year fully amortized loan
6. 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 the mission.

Loan Project Directions

1. Assist me with all sections of Loan Application using information provided
2. Calculate total "Gross Monthly Income" and "Combined Monthly Housing Expenses" (section V)
3. Calculate total "Assets" and "Liabilities" (section VI)
4. Calculate "Net Worth" (section VI)
5. Calculate i, o, and p (section VII)
6. Complete Sections IX and X per information provided