Questions That Must Be Asked ............ Declarations Section VII Of Loan Application #1

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Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut NMLS #65149

On Tuesday I posted a blog on the need for Buyers to be Pre-Approved for a loan  Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut ..... Pre-Appoval Letter, and the process that should be followed.  In Pre-Approving a Buyer it is EXTREMELY IMPORTANT that the Loan Officer not just look at Credit and Income, or even collect documentation to verify the information that they were given, THEY HAVE TO, let me repeat that, THEY HAVE TO complete a full Loan Application (1003).  Without completing a FULL APPLICATION, mistakes are very likely to happen, because each page of the 1003 has questions if not answered can create surprises and huge problems later on.

One of the pages of the Loan Application (1003) that unfortunately does not get the full attention that it deserves, and taken for granted by many Loan Officers, is the Declarations Section VII of Page #4.  If you take the time to read Section VII you will quickly see the need to ask these questions, and the problems that can follow if they are not all answered.

I plan in the next several blogs to go through each of these questions, in a series titled "Questions That Must Be Asked ............ Declarations Section VII Of Loan Application" and explain the reason why they are there, and the problems that can possibly be created if each and everyone is not properly addressed.

Most of these question will only appear on Section VII of the 1003, and are a valuable resource in identify other parts of the Loan Process/Pre-Approval that might otherwise be overlooked, and require a more careful or even further review.  By fully utilizing Section VII of the 1003 we can avoid many of those last minute surprises that we all hate, and make the Home Buying experience a lot less STRESSFUL for everyone.

Starting tomorrow I will beginning this series "Questions That Must Be Asked ............ Declarations Section VII Of Loan Application" and go through each of these questions by covering two or three of them at a time.  I hope that by the end of this series of blogs everyone that follows them will have a much better understanding of the importance of these questions, and the need for a careful review of them.

 

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Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

 

 

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Rainmaker
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Esko Kiuru
Bethesda, MD

George,

Just because this section doesn't involve any numbers it isn't any less important to the mortgage loan process. Overlooking it can complicate things later on considerably.

Aug 27, 2009 05:17 PM #1
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
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Esko in many ways it might even be more important that the other three pages.

Aug 27, 2009 09:09 PM #2
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