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 Schwertner State Bank Mortgage Loan Application

Schwertner State Bank uses a uniform loan application form to record personal and financial information.

Instructions

Download and complete our interactive mortgage application and fax to 512-746-4525 or mail the completed application to our mortgage loan department:

Schwertner State Bank
Mortgage Loan Department
50 W FM 487
Jarrell, Texas 76537
512-746-5305

First-Time Homebuyers

A first-time homebuyer is an individual who

    • is purchasing the security property,
    • will reside in the security property, and
    • had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the security property, unless he or she is a displaced homemaker or single parent whose only ownership interest in a principal residence during the preceding three-year time period was a joint ownership with a spouse. (A displaced homemaker or single parent who during the three-year period owned a principal residence alone or with anyone other than a spouse, or who owned a second home or investment property, cannot be considered a first-time homebuyer.)

Instructions for translating these responses into a single "first-time homebuyer indicator" that can be reported to us when the mortgage is submitted for purchase or securitization follow.

Question

Responses

 

Question L
:
Do you intend to occupy the property as your primary residence?


If all of the applicants respond "No" to Question L, the applicants will be using the property as a second home or as an investment property, and thus cannot be considered first-time homebuyers.

If any of the applicants respond "Yes" to Question L, review each response to Question M to determine if any of them is a first time homebuyer.

 

Question M:
Have you had an ownership interest in a property in the last three years?


If any of the applicants responds "No" to Question M, the mortgage can be considered a mortgage to a first-time homebuyer.

If all of the applicants respond, "Yes" to Question M, review each response to the two subsections of Question M to determine if any of the applicants is a first time homebuyer.

 

Question M
--Subsection 1:
What type of property did you own--principal residence (PR), second home (SH), or investment property (IP)?


If all of the applicants respond that they owned a second home or investment property, the mortgage cannot be considered a mortgage to a first-time homebuyer.

If any of the applicants responds that he or she owned a principal residence, review that applicant's response to subsection two of Question M to determine if he or she is a first time homebuyer.

 

Question M
--Subsection 2:
How did you hold title to the home--solely by yourself (S), jointly with your spouse (SP), or jointly with another person (O)?


If all of the applicants who indicated that they owned a principal residence respond that they owned it alone or with a person other than a spouse, the mortgage cannot be considered a mortgage to a first-time homebuyer.

If any of the applicants who indicated that they owned a principal residence responds that it was owned jointly with a spouse, review "Section III. Borrower Information" on Page 1 of Form 1003 to determine the marital status and number of dependents for each applicant who so responded. If the information on page 1 indicates that the applicant is a displaced homemaker or a single parent, he or she qualifies as a first time homebuyer.

 

"Marital Status" and "Number of Dependents" in Section III. Borrower Information:


If any of the applicants who indicated that the principal residence was owned jointly with a spouse has a marital status of "unmarried" or "separated" and has dependents, he or she can be considered a first-time homebuyer.

If any of the applicants who indicated that the principal residence was owned jointly with a spouse is an adult who:

  • has not worked full time in the labor force for several years
  • has worked in the home to care for the home and family during this time, and
  • is currently unemployed or underemployed and is having difficulty finding or upgrading employment,
  • he or she is a displaced homemaker and qualifies as a first time homebuyer.


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