Criteria

Below are some basic guidelines for loans provided by The Westmoore Group:

  • Borrower must have a stable employment profile.
  • Targeted debt-to-income ratio of 45% or less (based on a 30 year amortization schedule).
  • All income must be verifiable and documented.
  • Loans to investors will be considered on a case by case basis.

Due Diligence

Borrower:

  • Application Verification
  • Credit Check
  • Copy of Driver's License
  • Tax Returns and W2
  • Evidence of Current Rent or Mortgage Payment
  • Verification of Employment
  • Employer Pay Stubs
  • Copy of 401K, IRA or Investment Advisor Statements
  • Copy of Bank Statements
  • Copy of Credit Card Statements and proof of payment
  • Copy of Additional Loan Statements (i.e. Auto Loans, Student Loans) and proof of payment
  • 4506 - T Tax Verification

Third Party Reports:

  • Appraisal Report
  • Flood (if necessary)

Lender Protection:

  • Lender's Title Insurance
  • Loan Documentation
  • Real Estate Tax Escrow
  • Insurance Escrow

Want to find out if you pre-qualify for a loan?

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