Loan Approval Pre-Test | Veterans Safety Network

1. The loan

Loan type Mortgage Auto Personal Small business (SBA 7(a)-style)

Loan purposee.g. purchase, refinance, debt consolidation, equipment Loan amount ($)How much you want to borrow, after any down payment. Term (months)360 = 30-yr mortgage, 60 = 5-yr car loan. Blank uses a typical term. Expected interest rate (%)Optional. Blank uses a typical rate for this loan type.

Value of the home / car / collateral ($)Purchase price or appraised value. Down payment = value minus loan amount.

Program Property type OccupancyHow you will use the property Property taxes + insurance + HOA per month ($)Added to the house payment.

2. Credit history

Get your free reports at annualcreditreport.com. Checking your own credit is a soft pull and does not hurt your score.

Exact credit score (optional)300-850. If blank, we use the range below. Credit score range Years of credit historyAge of your oldest account. Open accountsCards, loans, etc. currently open. Credit card utilization (%)Total card balances divided by total limits. Total card balances ($)Optional, used to size the pay-down. Total card limits ($)Optional. Hard inquiries in last 12 monthsApplications for credit. 30-day late payments (last 2 yrs) 60-day late payments 90+ day late payments Months since most recent late payment0 if none. Open collections Charge-offs Bankruptcy ever? Years since bankruptcy discharge Foreclosure ever? Years since foreclosure

3. Job and income

Job title / occupationEmployer type Employment status Years at current job / line of workLenders like 2 years of steady history. Longest job gap in last 2 years (months) Income typeSelf-employed/1099: use net income after expenses from your tax returns. Gross income (before taxes) Other steady incomeDisability, VA benefits, child support received, rental, etc.

4. Monthly debts

Minimum monthly payments from your credit report.

Current rent / mortgage payment ($/mo)For a mortgage, this is replaced by the new house payment. Car payments ($/mo) Student loans ($/mo) Credit card minimums ($/mo) Other debts ($/mo)Personal loans, child support paid, etc.

5. Assets

Checking and savings ($) Investments ($)Stocks, bonds, brokerage. Retirement accounts ($)Counted at 60%. Home equity ($) Vehicle value ($) Other assets ($)

6. Co-borrower

Applying with a co-borrower? Co-borrower gross income Co-borrower monthly debts ($)

7. Business

Annual revenue ($) Years in businessSBA lenders review 3 years of financials. Net profit Yearly add-backs ($)Depreciation, interest, amortization (EBITDA add-backs). Other business debt payments ($/mo)