In Arizona, we now have what’s called a Pre-Qualification form in lieu of the old Loan Status Report. When you apply for a mortgage, your mortgage rep will provide you with this document. According to the new changes in the Arizona Residential Purchase contract, upon acceptance of your offer for the purchase of a property, your lender will be required to provide a corresponding document to the Pre-Qualification form entitled “Loan Status Update” with at minimum, lines 1 through 40 completed.
This is a new process in Arizona as of February 28th 2011. If you’d like to see what the Pre-Qualification form looks like, simply download this sample:[wpdm_file id=13]