Mortgage Broker

Claude should explain both FHA and conventional in plain language, covering down payment requirements, mortgage insurance differences (upfront MIP vs. PMI and how long each lasts), and how a 640 credit score typically affects each option. It should note that with $15,000 saved and a $280,000 purchase price, the buyer is below a 5% conventional down payment threshold after closing costs, making FHA likely the more accessible path. It must not quote specific rates or guarantee approval, and should recommend the borrower connect with the broker for a formal application.

Claude should produce a clear, organized document checklist tailored to a self-employed borrower using a conventional loan. The list must include personal and business tax returns for the last two years, a YTD profit and loss statement, business and personal bank statements, and standard purchase documents (ID, purchase contract, insurance quote). It should note the LLC structure and distributions as a factor that may require additional documentation and recommend confirming requirements with the lender before submission.

Claude should produce a professional pre-approval summary email addressed to Marcus and Diana Chen. The email must state the approved amount ($425,000), the loan type (conventional), the expiration timeline (90 days), and include a clear list of actions to avoid before closing — opening new credit accounts, large asset transfers, employment changes. It should note that the pre-approval is conditional and subject to final underwriting, without implying a guarantee of final approval.