Schwertner State Bank uses a uniform loan application form to record personal and financial information. Download interactive PDF (effective 7/05) (.pdf, 484K, 5 pages) To save your interactive PDF, you must use Adobe Reader Version 7.0 or higher or the full version of Adobe Acrobat® Standard or Professional. Download a free copy of Adobe Reader  Upload your completed interactive PDF file Instructions Download and complete our intereactive mortgage application and fax (254) 527-4567 or mail the completed application to our mortgage loan department: Schwertner State Bank Mortgage Loan Department 110 Main Street Schwertner, Texas 76573 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.