1- All funds used for the down payment and closing costs are going to be very carefully scrutinized by the lender:- you must provide detailed and accurate information to show which accounts the funds are in and where the funds are coming from,
- you must document the source of any funds that have been in your accounts for less than 2 months,
- any changes that occur to your financial condition will need to be explained to the lender,
- changes to your assets, employment, income or credit scores during the escrow could jeopardize your ability to qualify,
- provide complete documents, - all pages!
- provide documents with names, addresses and account numbers.
2- The lender is going to require a letter of explanation and/or support documentation for:
- recent inquiries or derogatory items on your credit report,
- recent deposits, transfers of money etc... in your accounts,
- evidence earnest money deposit has cleared your account. ... hum, they don't trust much...
3- If you are receiving Gift Funds the lender will require:
a gift letter signed by you and the gift donor,- evidence of the donors ability to gift the funds (bank statement),
- evidence of the receipt of the gift funds, in your account.
- do not transfer funds between accounts, nor make large deposits into your bank accounts,
- do not buy a car!... or spend large amounts of money on stuff..
- do not change jobs,
- do not close or open credit card accounts.
Yes, it is a real experience, to get a loan nowadays! ;-)
For lenders referrals, do not hesitate to contact me.
Francis
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