As part of the loan application process, the licensed mortgage broker receives the following information from applicants:
a. Valid identification documents in the form of a passport, driver’s license, or ID card from Texas. In Texas, a driver’s license or ID card is an official government ID, similar to a German ID card.
b. Proof of the monthly income of the borrower. This can be demonstrated by various methods, including:
- Copies of the borrower’s federal income tax return; or
- Copies of the last paychecks of borrowers; or
- Copies of borrowers’ most recent bank statements showing the deposit of their paychecks or other sources of income; or
- Copies of the borrower’s Form W-2, which is an official annual income statement mailed by employers to their employees in January each year for use in preparing employees’ annual federal income tax returns; or
- If the borrowers are paid cash, a letter from their employer stating the amount of their income.
All documents are checked and, if the decision is positive, a loan approval is given.
All properties are financed with first-rank mortgages – find out more here.
Read how to get financing with Auxilium in 12 steps.
Learn more about the Dallas – Fort Worth housing market here:
Or you can get more information about the Auxilium model in our synopsis.