Since the value and marketability of condominium properties is dependent on items that do not apply to single-family homes, there are some additional steps which must be taken to determine if condominiums meet our guidelines.

As soon as we receive your appraisal, we'll update your loan with the estimated value of the home. We will promptly give you a copy of any appraisal, even if your loan does not close.

In addition to verifying your home's value supports your loan request, we will also verify your home is as marketable as others in the area. We will want to be confident if you decide to sell your home, it will be as easy to market as other homes in the area.

While we certainly do not expect you to default under the terms of your loan and a forced sale will be necessary, as the lender, we will need to make sure that if a sale is necessary, it will not be difficult to find another buyer.

To determine the value of the property you are purchasing or refinancing, an appraisal will be required. An appraisal report is a written description and estimate of the value of the property. National standards govern not only the format for the appraisal; they also specify the appraiser's qualifications and credentials. In addition, most states now have licensing requirements for appraisers evaluating properties located within their states.

An installment debt is a loan you make payments on, such as an auto loan, a student loan or a debt consolidation loan. Do not include payments on other living expenses, such as insurance costs or medical bill payments. We will include any installment debts having 10 or more months remaining when determining your qualifications for this mortgage.

If you have had a bankruptcy or foreclosure in the past, it may affect your ability to get a new mortgage. Unless the bankruptcy or foreclosure was caused by situations beyond your control, we will generally require two to four years have passed since the bankruptcy or foreclosure. Equally important is your ability to re-establish an acceptable credit history with new loans or credit cards.

Any student loan which will go into repayment within the next six months should be included in the application. If you are not sure exactly what the monthly payment will be at this time, enter an estimated amount.

If other student loans are reflected on your final credit report, which will not go into repayment in the next six months, we may need to ask you for verification that repayment will not be required during this time period.

Generally, a co-signed debt is considered when determining your qualifications for a mortgage. If the co-signed debt does not affect your ability to obtain a new mortgage we will leave it at that. However, if it does make a difference, we can ignore the monthly payment of the co-signed debt if you can provide verification the other person responsible for the debt has made the required payments, by obtaining copies of their cancelled checks for the last six months.

Congratulations on your new job! If you will be working for the same employer, complete the application as such but enter the income you anticipate receiving at your new location.

If your employment is with a new employer, complete the application as if this were your current employer and indicate you have been there for one month. The information about the employment you will be leaving should be entered as a previous employer. We will sort out the details after you submit your loan for approval.

If you are selling your current home to purchase your new home, we will ask you to provide a copy of the settlement or closing statement you will receive at the closing to verify your current mortgage has been paid in full and that you will have sufficient funds for our closing. Often the closing of your current home is scheduled for the same day as the closing of your new home. If that's the case, we will ask you to bring your settlement statement with you to your new mortgage closing.