NAF Case Studies

Plan Your Financial Life (National Academy Foundation)

Chapter 7: Ready or Not – It’s Time to Buy a House

Dear Hometown Bank:

My wife and I would like to apply for a loan of $80,000. My name is Curtis Stone. I am 26 years old and we live at the State Motel on Adams Street. I am working for my GED and will take the test in about a week. I attended Murphy High School for two years. I have had many out-of-town jobs and made a lot of money. My wife just graduated from Murphy High but hasn’t found a job yet. We have decided to settle down and really would like to buy a house. We found the perfect one on Main Street for $100,000. My friends will loan me $20,000 for a couple of years if I can get the $80,000 from a bank.

Apply

Imagine you are the bank officer who received this letter. Write a response to Curtis and his wife.