We use the Acronym PAIL
P – Property
A – Assets
I – Income
L – Liabilities
Property – Value, Type, Home Owners Association Fees, Occupancy(Owner Occupied, 2nd Home, Investment property)
Assets – Where are the funds for Closing coming from including Down Payment, Closing Costs, and Prepaid fees
Income – How are they paid? W-2/Paystubb, Self Employed, Fixed Income, Alimony/Child Support, Structured settlement
Liabilities – Credit Score and the Amount of Debt that they are servicing. This allows us to take income and determine Debt to Income Ratios.
