Location: California
Submitted 10/29/12 05:50 PM

Q. We have been pre approved for a va loan and they have all of the ppwk required, at the las minute they required us to have a reserve of 13k we have a cash reserve and we also recently sold a car however how can we explain the "unseasoned" money so that are loan will be approved?

 

Answer #1
Submitted 10/29/12 06:19 PM
Ken Patterson Roseville Short Sale Rocklin Real Estate Lincoln Short Sale (TEAM Patterson Realty at Keller Williams Roseville): Agent in Rocklin, CA Ken Patterson Roseville Short Sale Rocklin Real Estate Lincoln Short Sale (TEAM Patterson Realty at Keller Williams Roseville)
Agent
Rocklin, CA

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A.

Your lender can help you draft a letter of explaination.  It should be a relatively simple process for you. 

 

Ken

www.TEAMPattersonRealty.com

Non-member response
Submitted 10/29/12 07:52 PM Can You be more specific about what I should state in my letter. and do you think this could be a deal breaker Thank You

Answer #2
Submitted 10/30/12 08:11 AM
Johnny James (Real Estate Broker): Broker Owner in Palmdale, CA Johnny James (Real Estate Broker)
Broker Owner
Palmdale, CA

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A.

Your mortgage broker should guide you through his process. First off since you sold a car there should be a paper trail. You should have a bill of sale from the transaction. Second your bank statement will show the deposit of these funds. Lastly you can document the blue book value of the car. Hope this helps.

Answer #3
Submitted 11/28/12 09:41 AM
Sheryl Arndt (Sheryl Arndt, Broker & American Dream Realty Inc.): Mortgage in Woodland Hills, CA Sheryl Arndt (Sheryl Arndt, Broker & American Dream Realty Inc.)
Mortgage
Woodland Hills, CA

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A.

Hopefully your funded by now. You need to provide the bill of sale and the transfer paperwork for the DMV. Hopefully you have the correct price on that documentation...

 
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