Atlanta Home Buyers need to know...Part 3

Atlanta home buyers need to know just how important it is to maintain your financial status during the home buying process. 

Atlanta home buyers will be asked to disclose their assets on the mortgage application.  An asset can be a checking account, savings account, a 401(k), IRA, pension, stocks or bonds. In essence, any account that is currently held in cash or can easily be converted to cash.    

As part of your mortgage application and documentation, we are going to ask you for the last two statements for all of your asset accounts.  This is the same for all financing programs, conventional, FHA, VA, USDA and Jumbo loans.  In all cases, it is important to send all pages of the asset statements. If the statement said eight pages and page 8 is blank you will still need to send that page as part of the complete report.

The underwriter will review your bank statements and match your payroll deposits to your pay stubs. Any other deposits made into your checking or savings account will have to be documented.

During the mortgage process  do not  make cash deposits into your checking account. There is no way to document the paper trail for those funds.  Doing this will create more documentation and will greatly increase your stress level.

DO NOT  transfer funds

DO NOT make major purchases

DO NOT make any changes to your assets.