REQUIRED DISCLOSURES
THIS DOCUMENT IS PART OF THE PREQUALIFICATION FORM AND SHOULD BE READ IN ITS ENTIRETY PRIOR TO COMPLETING THE FORM
Privacy Notice: Information regarding employment, deposits, loans
outstanding & credit history is to be used by the agency collecting it
or its assignees in determining whether you qualify as a prospective mortgagor
under its program. It will not be disclosed outside the agency except
as required by law. You do not have to provide this information, but if
you do not your application for approval may be delayed or rejected. The
information requested in this form is authorized by Title 38, USC, Chapter
37 (if VA); by 12 USC, Section 1701 Et. Seq. (if HUD/FHA); by 42 USC,
Section 1452B (if HUD/CPD); and Title 42 USC, 1471 Et. Seq., or 7 USC,
1921 Et. Seq. (if USDA/FMHA).
Fair Credit Reporting Act: As part of processing your application
for a real estate loan, a lender may request a consumer report, to be
used in determining your credit worthiness, credit standing and credit
capacity. This notice is given pursuant to the Fair Credit Reporting Act
of 1970. You are entitled to such information within 60 days of written
demand therefore made to the credit reporting agency pursuant to section
6060 of the Fair Credit Reporting Act.
Equal Credit Opportunity Act: The Federal Equal Credit Opportunity
Act prohibits discrimination against credit applicants on the basis of
race, color, religion, national origin, sex, marital status, age (providing
the applicant has the capacity to contract); whether all or part of the
applicant's income derives from any public assistance program; or because
the applicant has in good faith exercised any right under the Consumer
Credit Protection Act. The Federal Agency that administers compliance
with this law concerning this lender is the Federal Trade Commission,
450 Golden Gate Avenue, San Francisco, California 94102. We are required
to disclose to you that you need not disclose income from alimony, child
support or separate maintenance payment if you choose not to do so.
Having made this disclosure to you, we are permitted to inquire if any
of the income shown on your application is derived from such a source
and to consider the likelihood of consistent payment as we do with any
income on which you are relying to qualify for the loan for which you
are applying.
License Disclosure: The Downpayment Company is a DBA of Wholesale
Direct Mortgage Services. Wholesale Direct Mortgage Services is a real
estate broker licensed by the California Department of Real Estate under
license #00813063. In compliance with applicable law, you are entitled
to obtain any and all public information from the California Department
of Real Estate pertaining to the above referenced license. The consumer
information number for the Department of Real Estate is 916-227-0931.
The Housing Financial Discrimination Act of 1977 - Fair Lending
Notice: It is illegal to discriminate in the provisions of or in the availability
of financial assistance because of the consideration of:
- Trends, characteristics conditions in the neighborhood or geographic
area surrounding a housing accommodation, unless the financial institution
can demonstrate in the particular case that such consideration is required
to avoid an unsafe and unsound business practice; or
- Race, color, religion, sex, marital status, national origin or ancestry.
It is illegal to consider the racial, ethnic, religious or national origin
composition of a neighborhood or geographic area surrounding a housing
accommodation or whether or not such composition is undergoing change,
or is expected to undergo change, in appraising a housing accommodation
or in determining whether or not, or under what terms and conditions,
to provide financial assistance.
These provisions govern financial assistance for the purpose of the purchase,
construction, rehabilitation or refinancing of one-to- four unit family
residence occupied by the owner and for the purpose of the home improvement
of any one-to-four unit family residence.
If you have any questions about your rights, or if you wish to file a
complaint, contact the management of this financial institution or the
agency noted below.
Fair Lending Notice (State of California): Under the Housing Financing
Discrimination Act of 1977, it is unlawful for a financial institution
to refuse to make a loan or to offer less favorable terms than normal
(i.e. higher interest rates, larger down payment, or shorter maturity)
based on any of the following considerations: 1) Neighborhood characteristics
(i.e. average age of homes or income level in the neighborhood) except
to a limited extent necessary to avoid an unsafe and unsound business
practice. 2) Race, sex, color, religion, marital status, national origin,
or ancestry. It is also unlawful to consider, in appraising a residence,
the racial, ethnic, or religious composition of a particular neighborhood,
whether or not such composition is undergoing change or is expected to
undergo change. If you wish to file a complaint or if you have questions
about your rights, contact: Department of Real Estate. 107 South Broadway,
Room A107, Los Angeles, California 90012, or Department of Real Estate,
105 Berry Street, Room 5016, San Francisco, California 94107. If you file
a complaint, the law requires that you receive a decision within thirty
(30) days.
Qualification Requirements | Property Guidelines | Tax Benefits
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Copyright 1996-2005 The Downpayment Company. All Rights Reserved.
The mortgage financing described herein is available
for properties located in California only.
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