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.
- 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's Title Insurance
- Loan Documentation
- Real Estate Tax Escrow
- Insurance Escrow