Buying A Home Or Refinancing A Mortgage-Lets Help You Prepare!
What is the toughest part of underwriting today?
Sourcing of funds! Regardless of your down payment
(3% or 50%) and/or your assets (millions in the bank) this still applies to you. All banks will require at least 30-60 days of bank statements from you. ANY deposits into your accounts
outside of normal payroll MUST be sourced.
What does sourcing of funds mean? ANY money that comes into any account you own that cannot be tied directly to payroll MUST be sourced. Birthday gift…must be sourced. Holiday gift…must be sourced. Insurance claim check…must be sourced. Company bonus check…must be sourced. Etc. Underwriters don’t care so much about money LEAVING your account, just the money coming in.
What does “sourced” mean? The underwriter will require a copy of any and all checks that were deposited into your account and a brief (1-2 sentence) signed letter of
explanation as to what this money is.
Undocumented money into your account can “kill” the account making ALL assets in that account void for the purpose of a home loan and possibly causing a mortgage loan to be denied.
Sooooo…how do you prepare and what do you do?
1. Always call your mortgage professional with ANY questions BEFORE you deposit cash or checks.
2. Do NOT deposit cash into your account
3. Copy all checks prior to depositing (you do not need to do this with normal payroll)
4. Gifts are allowed in most cases BUT…see #1 above before accepting ANY money!
For More Info. Feel Free To Contact Me !
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