Aar Prequal Form PDF Details

Navigating the world of real estate purchases can often seem like an intimidating process, especially when it comes to the formalities of securing financing. The Aar Prequalification Form serves as a vital tool in this endeavor, streamlining the pathway for potential buyers to verify their ability to afford a home before proceeding with a purchase. Updated in February 2013 by the Arizona Association of REALTORS®, this document is designed to be used in tandem with either an AAR Residential Resale Real Estate Purchase Contract or a Vacant Land/Lot Purchase Contract. It outlines the lender's assessment of the buyer's financial situation, including their marital status, reliance on the sale or lease of another property to fund the loan, and whether seller concessions are expected to cover loan-related costs. The form delineates the type and terms of the loan, occupancy and property types, and initial documentation received from the buyer, such as pay stubs, tax returns, and credit reports. This pre-qualification is not an approval of the loan but a preliminary step that must be verified by an underwriter. Any significant changes in the buyer's financial situation can invalidate the pre-qualification, emphasizing the importance of accuracy and thoroughness in the initial stages. Importantly, the form also facilitates communication between the lender, seller, and brokers, mandating updates on loan status that ensure transparency and trust among all parties involved.

QuestionAnswer
Form NameAar Prequal Form
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other namesarizona association of realtors pre qualification form, arizona lsu form 2021, aar prequal form, arizona pre approval form

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PRE-QUALIFICATION FORM

Document updated:

February 2013

PRE-QUALIFICATION INFORMATION

1.Purpose: This Pre-Qualification Form is to be used in conjunction with an AAR Residential Resale Real Estate Purchase Contract or

2.Vacant Land/Lot Purchase Contract (“Contract”) and is to be completed by the Lender as indicated on lines 34 and 35.

3.

Lender has consulted with

 

 

 

 

 

 

 

 

 

 

(“Buyer”) and submits the following:

4.

Buyer is:

 

N Married

 

N Unmarried

N Legally Separated

 

 

5.

Buyer

 

 

N is

N is not

relying on the sale or lease of a property to qualify for this loan.

 

 

6.

Buyer

 

 

N is

N is not

relying on Seller Concessions for Buyer’s loan costs including pre-paids, impounds,

7.

 

 

 

 

appraisal fees and Buyer’s title and escrow fees. (Note: The amount that the Seller agrees to contribute, if any,

8.

 

 

 

 

shall be established in the Contract).

 

 

 

 

 

 

 

 

 

9.

Type of Loan:

N Conventional

N FHA

N VA N USDA

 

N Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

10.

Occupancy Type:

N Primary

 

N Secondary

N Non-Owner Occupied

 

 

11.

Property Type:

N Single Family Residence

N Condominium

N Planned Unit Development

N Manufactured Home

12.

YES

NO

N/A

N Mobile Home

 

N Vacant Land/Lot

N Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13.

N

N

N

Lender has provided Buyer with the HUD form “For Your Protection: Get a Home Inspection” (FHA loans only).

14.

N

N

N

Lender has completed a verbal discussion with Buyer including a discussion of income, assets and debts.

15.

N

N

N

Lender has obtained a Tri-Merged Residential Credit Report.

 

 

16.

Based on the information provided, Buyer can pre-qualify for a loan amount of: $

 

 

,

17.

assuming a monthly principal and interest loan payment of $

 

 

 

 

 

 

 

, provided that the total monthly

18.payment (which includes principal, interest, mortgage insurance, property taxes, insurance, HOA fees, and flood insurance,

19.if applicable) does not exceed: $

20. Interest rate not to exceed

 

%

21.Initial Requested Documentation: Lender has received the following information from the Buyer:

22.(Additional documentation may be required).

YES NO N/A

YES NO N/A

23.

24.

25.

26.

N

N

N

N

N

N

N

N

N

N

N

N

Paystubs

W-2s

Personal Tax Returns

Corporate Tax Returns

NN NN NN NN

N

N

N

N

Down Payment/Reserves Documentation

Gift Documentation

Credit/Liability Documentation

Other:

27.Additional comments:

28.Buyer has instructed, and Lender agrees to provide loan status updates on the AAR Loan Status Update form to Seller and Broker(s)

29.within five (5) days of Contract acceptance pursuant to Section 2e of the Contract and upon request thereafter.

LENDER INFORMATION

30.The lender identified below has prepared the information listed above with the Buyer(s) and has completed the above action points

31.noted. This information does not constitute loan approval. All information provided must be approved by an underwriter, and any

32.material change in the Buyer’s credit or financial profile will render this pre-qualification null and void.

33.

The above pre-qualification expires on

 

 

 

 

.

 

 

 

 

 

 

 

 

DATE

 

 

 

 

 

 

 

 

 

34.

 

Lender:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPANY

 

 

 

 

 

 

 

 

ARIZONA LICENSE #

35.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOAN OFFICER

 

 

 

 

 

 

 

 

 

 

NMLS #

 

 

36.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADDRESS

CITY

 

 

 

 

 

STATE

 

ZIP

37.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMAIL

 

PHONE

 

 

 

 

FAX

 

 

38.

^ LOAN OFFICER’S SIGNATURE

MO/DA/YR

39.Buyer acknowledges receipt of a copy hereof and grants permission to Broker to submit this Pre-Qualification Form with Contract.

40.

^ BUYER’S SIGNATURE

MO/DA/YR ^ BUYER’S SIGNATURE

MO/DA/YR

Pre-Qualification Form • Updated: February 2013 • Copyright © 2013 Arizona Association of REALTORS®. All rights reserved.

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arizona pre approval form writing process explained (stage 1)

2. Just after filling out the previous step, head on to the subsequent part and fill out all required particulars in all these blank fields - Initial Requested Documentation, YES NO NA n n n Paystubs n n n Ws, YES NO NA n n n Down, Additional comments, Buyer has instructed and Lender, The above prequalification expires, DATE, Lender, COMPANY ARIZONA LICENSE , LOAN OFFICER NMLS , ADDRESS CITY, STATE ZIP, EMAIL, PHONE, and FAX.

Guidelines on how to fill in arizona pre approval form step 2

3. The following part is considered quite uncomplicated, Buyer acknowledges receipt of a, BUYERS SIGNATURE, MODAYR BUYERS SIGNATURE, MODAYR, and PreQualification Form Updated - these empty fields must be completed here.

PreQualification Form Updated, MODAYR, and BUYERS SIGNATURE inside arizona pre approval form

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