MONEY JUST ISN’T KING!
Well at the very least if you are obtaining a true home loan it’sn’t!
Whenever getting prequalified for a mortgage, whether or not it’s a government loan like VA, FHA, USDA, or a loan that is conventional Fannie Mae or Freddie Mac, you will find three areas your Loan Officer will investigate and need documentation. Those areas are credit, earnings & assets. Federal and State legislation govern the mortgage procedure therefore regardless of where you head to obtain a true mortgage, these details will use.
In the first installment of a 3-part show on securing a house loan, let’s first explore assets. For ease, assets suggest cash. Acceptable resources of money to shut on a mortgage including profit a checking and/or savings account this is certainly within the Borrower’s title and has now held it’s place in the take into account at the least 2 payment rounds. Any deposits into that account, apart from regular earnings deposits, will need to be sources and/or seasoned.
Sourced means the Loan Officer will probably require paperwork for where that cash came from. Continue reading “Securing a mortgage, Exploring Assets”