If you are applying for a USDA, VA or FHA loan, you might be asked to write a "Letter of Explanation."  You might be asked to explain, for instance, why you had a 3 month gap between graduating from college two years ago and getting a job that August. 

You might be asked to explain why you missed those payments on all of your credit cards for two months straight 4 years ago - and saying, "It wasn't me" won't work.

We had a client who wrote us a long letter explaining that he'd missed multiple payments over a 5 year period because he had a "Split Personality." 

The letter was a MASTERPIECE - but unfortunately he had NO medical documentation to support the fact that "he had no clue why 'John' decided not to pay the bills that month and buy a new set of rims for the car." The loan was not approved.

You see, the underwriter, who puts their neck out to approve your loan - needs for you to document EVERYTHING in the file.   Today we need a complete history of EVERYTHING - including where that extra $600 deposit came from this month.  A copy of the newspaper report saying the tax rebate check is in the mail probably won't work - so we suggest ya'll keep a copy of those checks from Dubya'!

For more information about purchasing a home in Raleigh, Cary contact Steve and Eleanor Thorne,