What Mortgage Lenders Want…CIA Analysis

Mortgage lenders today want to conduct a CIA analysis. A CIA analysis is short for credit income assets. These are the three things that we as mortgage lenders really need to see before we can tell you whether or not we can do a refinance loan or a purchase loan for you. Because I work for a local mortgage company, I can get you an answer on your mortgage loan pretty darn fast usually within 30 minutes.

If you can provide me a complete breakdown of your credit, income, and assets I can give you a solid idea of whether or not you will be able to get a mortgage loan. After completing a CIA analysis and if it’s determined that you cannot qualify right now, we can figure out the challenges and obstacles you need overcome so you can qualify down the road. Just because we can’t do alone right now does not mean we won’t be able to do loan down the road under changed circumstances.

So go ahead and break down this CIA analysis that mortgage lenders want to see.

As a mortgage local mortgage lender you can come by in person or send me the following items.

Credit– We need to pull copy of your credit report determine your middle credit score. The credit report you might have already is fine, but we will need to pull a new credit report because it will have to be in my mortgage company’s name. We will look at whatever debts show up on your credit report and go over them with you to determine whether not they are accurate. Additionally, if there’s debts on your credit report that you would like the opportunity to pay off we can omit those debts from your debt to income ratios and qualify you more efficiently.

Income-yes this means we will need pay stubs for the last 30 days as well as your 2009 and 2010 federal income tax returns and corporate tax returns if applicable. We will also need to see your 2009 and 2010 W2’s. If you are self-employed just the tax returns will work, but we will need to obtain a profit and loss statement showing your year-to-date income. If you have an extension filed on your 2010 income tax return we will need a copy of the “filed” extension along with the payment plan you are on if any, and if you owe any money. If you receive any pension income we will need to see all awards letters.

-this is very important because it determines your down payment or on a refinance, your reserves. Purchases and refinances are different because each has different reserve requirements. We will need to see two months of bank statements and/or the last two months of retirement account statements or the last two quarters if the count is quarterly. If you are receiving any gift funds we will need to get a statement from the giftor were showing they have the ability to gift those funds.

I know this sounds like a lot of work, but mortgage lenders want to see a full credit, income, and asset analysis.

The reason why we need to see this information is because of the fact we need to make sure you can actually qualify for the mortgage loan. This means sending in all of the information necessary for us to be able to do this analysis for you. I can do a credit income asset analysis for you free of charge to show you how much mortgage loan you can qualify for if you are purchasing or refinancing a home. So there you have it, exactly what mortgage lenders want to help you get a home loan.

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