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BUYER BEWARE

By
Mortgage and Lending

I have recently eluded to the changes that have affected the mortgage industry and the detrimental affects that is has had on mortgage qualification process.  Borrowers are increasingly becoming more frustrated with the mortgage process and eventually unhappy with their purchase transaction. Below is a detailed list of items that most if not all mortgage lenders are now requiring for underwriting.  All items are intended for all borrowers when obtaining financing.

INCOME DOCS

Most current 30 days pay stubs

Most recent 2 years all w-2's and 1099's if applicable

Most recent 2 years signed 1040 federal tax returns

 

ASSET DOCS

Most recent 2 months bank statements proving assets to close (all pages regardless if blank)

Proof that earnest deposit has cleared if applicable

 

ASSET GIFT DOCS

Signed asset gift letter if applicable

Proof assets available to gift by most recent giftors bank statement if applicable

Proof gift transferred from giftors account to borrowers account or escrow account if applicable

 

DIVORCE DECREE

Divorce Decree or child support court order if applicable

Most recent 3 months proof of child support deposits if applicable

 

CREDIT DOCS

Letter of explanation for any adverse credit in the past 2 years

Letter of explanation for any credit inquiries in the past 120 days

Letter of explanation for all primary addresses used in the past 2 years not on application

Remove the words"DISPUTE"on any disputed items on credit report

 

CURRENT REAL ESTATE OWNED

Current mortgage statement for each property if applicable

If free and clear or not escrowed, provide current property tax and insurance statements

 

GENERAL DOCS

Clear copy of driver's license

Provide new property insurance contact information

 

It is to be noted, that some of the above requirements may introduce even new conditions once they have been reviewed by the lender.

 

TheMortgageJockey

 

Comments (1)

Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

It's always great to care for others. Sharing is caring! :)

Jul 05, 2011 10:50 AM