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URL:https://www.learndesk.us/class/4960291886465024/lesson/274694ef34c8f51c0e69e35cba198333?ref=outlook-calendar
SUMMARY:Loan Qualification
DTSTART;TZID=America/Los_Angeles:20260515T190000
DTEND;TZID=America/Los_Angeles:20260515T200000
LOCATION:https://www.learndesk.us/class/4960291886465024/lesson/274694ef34c8f51c0e69e35cba198333?ref=outlook-calendar
DESCRIPTION: Equal Credit Opportunity Act
• Lender must evaluate the applicant according to the applicant's own income and credit information.
Income qualification
• Income ratio and debt ratio qualify the borrower's income; the income ratio applied to gross income determines the housing expense maximum; the debt ratio takes revolving debt into account.• Income ratios: 25-28% conventional; 31% FHA-insured.• Debt ratios: 36% conventional; 43% FHA and 41% VA.
Cash qualification
• Lender verifies the applicant's sources of cash for a down payment; extra cash enhances income qualification evaluation.
Net worth
• Extent to which the applicant's assets exceed liabilities as a further source of reserves.
Credit evaluation
• Lender obtains credit reports to evaluate the applicant's payment behavior.
Loan commitment
• Written pledge by lender to grant loan under specific terms; firm, lock-in, conditional, take-out.

https://www.learndesk.us/class/4960291886465024/lesson/274694ef34c8f51c0e69e35cba198333?ref=outlook-calendar
STATUS:CONFIRMED
SEQUENCE:3
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