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| Borrower: |
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|
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|
|
Date Prepared |
|
|
| Ad=
dress: |
|
|
|
|
|
|
August, 30 2005 |
|
|
| Ci=
ty: |
|
|
|
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|
|
|
|
| Zi=
p: |
|
|
|
|
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|
| Ph=
one: |
|
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|
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|
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|
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| Bu=
s. Phone: |
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|
|
| Email: |
|
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| Borrower: |
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|
| Ad=
dress: |
|
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|
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|
|
| Ci=
ty: |
|
|
|
|
|
|
|
|
| Zi=
p: |
|
|
|
|
|
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|
|
| Ph=
one: |
|
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|
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| Bu=
s. Phone: |
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| Email: |
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|
|
| Qualifying
Income |
|
|
|
|
|
|
|
| salary 1 |
$5,333.33 |
Mike's salary =
at $64,000
a year |
|
|
|
|
|
| salary 2 |
$1,000.00 |
Your business =
receipts |
|
|
|
|
|
| Other |
|
|
|
|
|
|
|
|
| Gross |
$6,333.33 |
|
|
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|
|
|
|
|
|
|
|
|
|
| 2 yr fixed |
|
|
|
|
|
|
|
property taxes=
are due
twice a yr. It is calculated here for monthly budget purpose. |
|
|
Your monthly m=
imimum
payment for your house |
#REF! |
(minimum intere=
st + HOA) |
|
|
Estimated mont=
hly
deductable interest and taxes |
#REF! |
|
|
|
Estimated tax =
benefits
per month |
|
|
#R=
EF! |
|
|
|
Estimated Clos=
ing cost |
|
|
#REF!<=
/td>
| |
|
|
escrow fee |
|
$ &nbs=
p;
1,000.00 |
|
|
|
|
Calta |
|
#REF! |
|
|
|
|
Alta |
|
#REF! |
|
|
|
|
Notary |
|
$ &nbs=
p;
40.00 |
|
|
|
|
Courier |
|
$ &nbs=
p;
45.00 |
|
|
|
|
Wire |
|
$ &nbs=
p;
30.00 |
|
|
|
|
Recording |
|
$ &nbs=
p;
65.00 |
|
|
|
|
Edocs |
|
$ &nbs=
p;
125.00 |
|
|
|
|
doc prep |
|
$ &nbs=
p;
50.00 |
|
|
|
|
lender fees (estimate) |
|
$ &nbs=
p;
670.00 |
|
|
|
|
processing fees to GM |
|
$ &nbs=
p;
499.00 |
|
|
|
|
credit report |
|
$ &nbs=
p;
50.00 |
|
|
|
|
appraisal |
To appraiser |
|
$ &nbs=
p;
400.00 |
|
|
|
|
Plus estimated prepaid items=
|
|
$ &nbs=
p;
1,500.00 |
|
|
|
|
Estimated closing cost |
|
#REF! |
|
|
|
|
|
|
|
|
|
|
|
Plan to get this
loan: You will be required =
to pay
down your car payment to 10 months |
$2,107 |
|
|
Pay off the Cap=
ital One
credit card |
|
|
|
|
$4,301 |
|
|
closing cost ne=
eded |
|
|
|
|
$7,000 |
|
|
|
|
|
|
|
$13,408 |
|
| Sales Price |
$500,000 |
|
Rate |
Term (months) |
|
Monthly Payment |
Principal |
Interest |
|
| 1st |
80.00% |
$400,000 |
6.500% |
360
| |
$2,166.67 |
$361.6=
1 |
$2,166=
.67 |
|
| 2nd |
10.00% |
$50,000 |
10.000% |
360 |
|
$438=
.79 |
$22.12 |
$416.67 |
|
| Down |
10.00% |
$50,000 |
|
Mortgage Payment |
|
$2,6=
05.45 |
$383.72 |
=
$2,583.33 |
|
|
|
|
|
|
Property Taxes |
1.250% |
$=
520.83 |
|
|
|
|
|
|
|
Insurance |
0.35% |
$=
145.83 |
|
|
|
|
|
|
Other Debt |
|
|
|
|
|
|
|
|
Monthly Payment |
|
$3,272.12
|
|
|
|
|
Debt Ratio |
|
5=
2% |
|
| <=
/td>
| |
|
|
|
| 2 yr fixed |
|
|
|
|
|
|
|
property taxes=
are due
twice a yr. It is calculated here for monthly budget purpose. |
|
|
Your monthly m=
imimum
payment for your house |
#REF! |
(minimum intere=
st + HOA) |
|
|
Estimated mont=
hly
deductable interest and taxes |
#REF! |
|
|
|
Estimated tax =
benefits
per month |
|
|
#R=
EF! |
|
|
|
Estimated Clos=
ing cost |
|
|
$
4,474.00 |
|
|
|
escrow fee |
|
$ &nbs=
p;
1,000.00 |
|
|
|
|
Calta |
|
$ &nbs=
p; &=
nbsp;
- |
|
|
|
|
Alta |
|
$ &nbs=
p; &=
nbsp;
- |
|
|
|
|
Notary |
|
$ &nbs=
p;
40.00 |
|
|
|
|
Courier |
|
$ &nbs=
p;
45.00 |
|
|
|
|
Wire |
|
$ &nbs=
p;
30.00 |
|
|
|
|
Recording |
|
$ &nbs=
p;
65.00 |
|
|
|
|
Edocs |
|
$ &nbs=
p;
125.00 |
|
|
|
|
doc prep |
|
$ &nbs=
p;
50.00 |
|
|
|
|
lender fees (estimate) |
|
$ &nbs=
p;
670.00 |
|
|
|
|
processing fees to GM |
|
$ &nbs=
p;
499.00 |
|
|
|
|
credit report |
|
$ &nbs=
p;
50.00 |
|
|
|
|
appraisal |
To appraiser |
|
$ &nbs=
p;
400.00 |
|
|
|
|
Plus estimated prepaid items=
|
|
$ &nbs=
p;
1,500.00 |
|
|
|
|
Estimated closing cost |
|
$ &nbs=
p;
4,474.00 |
|
|
|
|
|
|
|
|
|
|
|
Plan to get this
loan: You will be required =
to pay
down your car payment to 10 months |
$2,107 |
|
|
Pay off the Cap=
ital One
credit card |
|
|
|
|
$4,301 |
|
|
closing cost ne=
eded |
|
|
|
|
$7,000 |
|
|
|
|
|
|
|
$13,408 |
|
| Sales Price |
$525,000 |
|
Rate |
Term (months) |
|
Monthly Payment |
Principal |
Interest |
|
| 1st |
80.00% |
$420,000 |
6.500% |
360
| |
$2,275.00 |
$379.6=
9 |
$2,275.00 |
|
| 2nd |
10.00% |
$52,500 |
10.000% |
360 |
|
$460=
.73 |
$23.23 |
$437.50 |
|
| Down |
10.00% |
$52,500 |
|
Mortgage Payment |
|
$2,7=
35.73 |
$402.91 |
$2,712.50 <=
/td>
| |
|
|
|
|
|
Property Taxes |
1.250% |
$546.88 |
|
|
|
|
|
|
|
Insurance |
0.35% |
$153.13 |
|
|
|
|
|
|
Other Debt |
|
|
|
|
|
|
|
|
Monthly Payment |
|
$3,435.73
|
|
|
|
|
Debt Ratio |
|
5=
4% |
|
| <=
/td>
| |
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------=_NextPart_01C7D9AB.2E901CE0
Content-Location: file:///C:/A04B5D12/SinglePreapprovalMaster_sheet001.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="us-ascii"
|
|
|
TIC |
Condo |
|
Inte=
rest Rate
on First |
6.000%[1] |
|
|
|
|
|
| Sale Price |
|
######## |
$ 589,000 |
|
Interest Rate on 2nd |
7.63%[2] |
|
Base salary |
$ 112,000 [3] |
| Your Unit's Value |
|
50% |
100% |
|
Total Gross Sal=
ary |
$
112,000 |
0 |
|
Comissions |
|
| Depreciation factor |
|
0.=
50 |
|
Property Tax Rate |
1.14% |
|
|
| Home cost |
|
##=
###### |
$ 589,000 |
|
Medical/Dental/Vision (month=
ly) |
$ &nbs=
p;
100 [4] |
|
| Down payment |
|
######## |
$ 58,900 <=
/td>
| |
Monthly living expenses |
$ &nbs=
p;
2,500 [5] |
w/o home cost |
|
| % down payment |
|
10% |
10% |
|
ESPP (emplyee stock)Contribu=
tion |
$ &nbs=
p;
- |
|
| Lo=
an Amount
on First |
|
##=
###### |
$ 471,200 |
|
401K Contribution %/yr |
5.00%[6] |
|
| Total
mortgage payment |
|
$
(4,796)[7] |
$ (2,825)<=
![if !supportAnnotations]>[8] |
|
Debt Ratio |
|
45%[9] |
|
| Principal |
|
$ (796)[10] |
$ &nbs=
p;
(469)[11] |
|
IRA Individual Contribution/yr |
$ &nbs=
p;
- [12] |
|
| Interest |
|
<=
span
style=3D'mso-spacerun:yes'> $
(4,000)[13] |
<=
span
style=3D'mso-spacerun:yes'> $ (2,356)<=
![if !supportAnnotations]>[14] |
|
Down Payment |
|
$ &nbs=
p;
58,900 |
|
| Loan Amount on 2nd<=
/td>
| |
=
######## |
$ 58,900 <=
/td>
| |
|
|
|
|
| Total
payment on second |
|
$
- |
$ &nbs=
p;
(417) |
|
|
|
|
|
| Principal |
|
|
$ &nbs=
p;
(43) |
|
|
|
|
|
| Interest |
|
$ (635)[15] |
$ &nbs=
p;
(374) |
|
|
|
|
|
| Property tax |
|
$ (943) |
$ &nbs=
p;
(553)[16] |
|
|
|
|
| |
|
$ (100) |
|
|
|
|
|
| PITI |
|
$ (5,840) |
$ (3,795)<=
/td>
| |
PITI =3D Principal, Interest=
, Tax, and
Insurance |
|
|
$
- |
|
|
|
| Association Fee |
|
$ (150) |
$ &nbs=
p;
(569) |
|
|
|
|
$ (100) |
|
|
|
| Home Cost |
|
$
(6,090) |
$ (4,364)<=
/td>
| |
|
|
| =
|
| Monthly
Budget Summary |
|
|
|
|
| Monthly
paycheck amount |
|
$ 7,125 |
$ 6,=
890 |
|
This is net of tax benefits -- se=
e cell
E74 |
|
| Home cost |
|
$
(6,090) |
$ (4,364)<=
/td>
| |
This is from E22 |
|
| Living expenses
| |
$
(2,500) |
$ (2,500)<=
/td>
| |
This is from I6 |
|
| Monthly
cash remaining |
|
$
(1,465) |
$ &nbs=
p;
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Federal
Income Tax Form 1040 |
Shadi |
|
| Salary |
|
####=
#### |
$ 112,000 |
|
|
|
| R=
eported
Wages(-401k)[17] |
|
$ 98,000 |
$ 106,400 |
|
|
| Income Adjust Sch E |
|
$
- |
$ &nbs=
p;
- |
|
|
| Total Income |
|
$ 98,000 |
$ 106,400 |
|
|
| IRA Deduction |
|
$
- |
$ &nbs=
p;
- |
|
|
| A=
djusted
Gross Income |
|
$ 98,000 |
$ 106,400 |
|
|
| I=
temized
Deductions Sch A |
|
$(67,957) |
$ (44,807) |
|
|
| S=
tandard
Exemptions |
|
$
(3,200) |
$ (3,300)<=
/td>
| |
|
| Taxable Income |
|
$ 26,843 |
$ 58,293 <=
/td>
| |
|
| Federal Tax Due |
|
<=
span
style=3D'mso-spacerun:yes'> $
(3,661) |
$ (10,997) |
|
|
|
| <=
/td>
| |
|
| State
Income Tax Form |
|
|
|
| Wages |
|
$ 98,000 |
$ 106,400 |
|
|
| Federal AGI |
|
$ 98,000 |
$ 106,400 |
|
|
|
| State AGI |
|
$ 98,000 |
$ 106,400 |
|
|
|
| S=
tate
Itemized Deductions |
|
$(66,945) |
$ (39,909) |
|
|
| State
Taxable Income |
|
$ 31,055 |
$ 66,491 <=
/td>
| |
|
| State Tax due |
|
$
(1,012) |
$ (4,898)<=
/td>
| |
|
|
| <=
/td>
| |
|
|
| Other
Miscellaneous Taxes |
|
|
|
|
| SSI Tax |
|
$ 5,394 |
$ 5,=
394 |
|
|
|
| Medicare Tax |
|
$ 1,624 |
$ 1,=
624 |
|
|
| CA SDI Tax |
|
$ 812 |
$ &nbs=
p;
812 |
|
|
| Total Misc Tax |
|
$
(7,830) |
$ (7,830)<=
/td>
| |
|
|
| <=
/td>
| |
|
|
|
| Total Annual Tax D=
ue |
|
$(12,503) |
$ (23,725) |
|
|
| Tax rate |
|
-13% |
-22% |
|
|
| Monthly tax due |
|
$
(1,042) |
$ (1,977)<=
/td>
| |
|
|
| <=
/td>
| |
|
|
| Other
paycheck deductions |
|
|
|
|
| ESPP |
|
$
- |
$ &nbs=
p;
- |
|
|
| Medical.Vision |
|
$
- |
$ &nbs=
p;
- |
|
|
| <=
/td>
| |
|
|
| 1040
Schedule A - Itemized Deductions |
|
|
| S=
tate/Local
Income Tax |
|
$
(1,012) |
$ (4,898)<=
/td>
| |
|
| Real Estate Taxes |
|
$(11,320) |
$ (6,635)<=
/td>
| |
|
| Mortgage Interest |
|
$(55,625) |
$ (33,275) |
|
|
| Total
Itemized Deductions |
|
$(67,957) |
$ (44,807) |
|
|
| <=
/td>
| |
|
|
| =
|
| Annual
take-home pay |
|
$ 85,497 |
$ 82,675 <=
/td>
| |
|
| Monthly
paycheck amount |
|
$ 7,125 |
$ 6,=
890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|