Loan application — Vega, Renata M. + Carlos A. == APPLICATION == - Purchase SFR, 42 Ridgecrest Dr, Austin TX 78745 - Purchase price $560,000, requesting $485,000 (conventional) - Loan purpose: primary residence purchase - Loan type requested: 30-yr fixed == BORROWERS == - Renata Vega (primary): Sr. Marketing Mgr, Apex Digital Inc., 6 yrs same employer salary $118,500 + annual bonus (avg $9,200 last 2 yrs) - Carlos Vega (co-borrower): freelance UX consultant, self-employed 3.5 yrs 2023 net income (Sch C) $74,800 / 2024 net income $81,400 (trending up) 2024 1040 not yet final — used transcript from IRS, matches == ASSETS / RESERVES == - checking/savings (3 statements verified): $67,400 combined - 401k (Renata, 60% vested): $112,000 — NOT counting as reserves per policy - down pmt source: savings, no gift funds - closing costs est. ~$9,800 - post-close reserves: ~$57,600 (approx 3.7 mos PITI) == PROPERTY / COLLATERAL == - appraisal ordered, came in at $558,000 (slightly below purchase price) - SFR, 1,842 sq ft, built 2004, good condition - flood zone X (no flood ins required) - no HOA == CREDIT == - Renata FICO mid: 742 (Experian 748 / Equifax 739 / Trans 742) - Carlos FICO mid: 694 (Experian 701 / Equifax 694 / Trans 688) - qualifying FICO (lower of lower-mid): 694 - tradelines: 4 open revolving (utilization ~28%), 2 installment (auto + student loan) - derogatory: 1x 30-day late on Citibank card, Sept 2023, isolated, no pattern Carlos explained — missed payment during freelance income gap, resolved same month - no collections, no judgments, no public records - no recent inquiries of concern == INCOME / DTI == - Renata base monthly: $9,875 - Renata bonus (24-mo avg): $767/mo - Carlos self-employed income (2-yr avg, IRS method): $6,508/mo - Total qualifying monthly income: $17,150 - Proposed PITI: $2,940/mo (principal + interest + taxes + ins) - Existing monthly obligations: $1,380 (auto $480, student $290, revolving mins $610) - Front-end DTI: 17.1% - Back-end DTI: 25.2% <-- both well inside conv limits == FLAGS / NOTES == - Carlos self-employed <4 yrs — need 2-yr avg per guidelines, have it - appraisal $2k below purchase price — LTV recalculated on lesser of purchase/appraised - one 30-day late (see above) — isolated, explanation letter on file - need final 2024 tax return for Carlos once filed (currently on extension) - HOI binder not yet received