For Our Borrower: Page 1 of 2

PLEASE DO NOT APPLY FOR ANY NEW DEBT WITHOUT FIRST CONTACTING US FROM THIS POINT FORWARD. ANY CREDIT INQUIRY CAN EFFECT THIS APPROVAL AND YOUR ABILITY TO GET A MORTGAGE. YOUR CREDIT WILL BE MONITORED DURING THE ENTIRE LOAN PROCESS.

For The Real Estate Agent(s):

IMPORTANT INFORMATION REGARDING PROPERLY COMPLETING THE PURCHASE AND SALES AGREEMENT!

Recent changes in the mortgage industry with Fannie Mae, Freddie Mac and the Government Programs have required we take extra steps on every loan. To eliminate delays please review the following list of things you can do to help streamline the process.

  1. Please do not include personal property in the real estate contract. Example: lawn mowers, TV’s, hot tubs etc.
  2. Standard items like a stove, refrigerator, washer and dryer are ok but the following statement must be added: “Items remaining are being left for the convenience of the seller and have no monetary value”
  3. Please use the buyer’s full name from their driver’s license on the contract. The contract, insurance policy, title and loan application ALL MUST MATCH EXACTLY! The best way to do this is to go off the driver’s license.
  4. Please use the seller’s full name as they hold title on the contract. IT MUST MATCH!
  5. Septic, Well, Water and Termite Inspections listed on the purchase and sale agreement will be required. On VA and 203k, all inspections listed are required.
  6. If repairs to be made are listed, they must be completed prior to closing and will be verified by a final inspection.
  7. We must now verify on ALL LOANS each person’s name against the government database to ensure no party is on a government watch list for Fraud. This includes the Listing Agent & Broker Buyers Agent & Broker, Attorney, Loan Officer, Processor, Underwriter, Appraiser, The Buyer and the Seller.

Branch Address

Branch Address

Month Day, Year

Applicant’s name

Applicant’s current address

Applicant’s current address

Dear ___(Applicant’s name)___:

Based on the information that you have provided to Primary Residential Mortgage, Inc. The mortgage banker has determined that you are eligible and qualified to meet the financial requirements of a mortgage loan based on the following terms:

Loan Type, Term, and Description:

Maximum Loan Amount:

Qualifying Interest Rate:

Maximum LTV Ratio:

This is not an approval for the loan.Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. To receive a full approval of the loan will require:

  • All applicants must complete and execute a loan application (FNMA 1003) and other loan documents required by the lender;
  • All applicants provide documentation to verify income and assets;
  • All applicant’s financial status and credit report must remain substantially the same until the loan closes;
  • The collateral for the loan (the subject property) must satisfy the lender’s requirements (example; appraisal, title, survey, conditions, insurance, etc); and
  • The loan type and terms, as described above, must remain available in the market;

Items listed above may not be all inclusive. Additional information may be required from you.

We wish you luck in the home buying process and we stand ready to continue our service;

Loan Officer’s name

Loan Officer’s phone number