RCRE - Understanding Your Personal Financial Statement

Will Coleman and Mike Taravella discuss personal financial statements.


Key Information:

  • A personal financial statement or PFS is an account of an individual’s personal assets and liabilities.
  • Personal financial statement’s are used by lenders to evaluate whether a borrower has the net worth and liquidity to pay back a loan in the event that they were to default on their payments. 
  • A majority of lenders will require your net worth to be equal to or greater than the loan amount and for your liquidity to be enough to cover 9-12 months of debt service payments post closing.
  • Scheduled Real Estate Owned (SREO): a list of all properties a borrower has an ownership claim in.
  • Banks will put more emphasis on the net worth of a borrower and less emphasis on the SREO.
  • Fannie Mae and Freddie Mac will put equal emphasis on your net worth and SREO. 


Expert Pro Tip: “Check out our resources to help you fill out your PFS!”

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