HELP! | Whose Assets Will Be Used?: |
If
there is no Co-Borrower and you are not relying on assets of a spouse
or a property in a community property state to qualify for and repay the
loan, leave both checkboxes blank. If some or all of the above assets
are to be considered, simply read the choices (below) and make a choice
between the two statements on the form by checking the box next to the
statement that is relevant to you.
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Will be used | "The
income or assets of a person other than the "Borrower" (including the Borrowers
spouse) will be used as a basis for loan qualification." If
you choose this statement, you are stating that the Co-Borrower's assets
will be used and that the supporting information on the form will
be entered and supporting documents will be provided to support the Co-Borrower's
information as well as your own.
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Will not be used | "The
income or assets of the Borrower's spouse will not be used as a
basis for loan qualification." This statement means that there
is a Co-Borrower who's assets will not be used to qualify for the loan,
but who's liabilities must be considered because (A) the Borrower
lives in a community property state, or (B) the security property
is located in a community property state, or (C) the borrower is
relying on other property located in a community property state as a basis
for repayment of the loan.
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