letter: What Information Your Short Sale Approval Letter Must Contain - 06/13/12 10:44 AM
If you you are purchasing a short sale, there are certain items that the seller’s short sale letter(s) must contain. 
Short Sale Approval Letter Requirements
·         Name/address of seller’s mortgage company
·         Name, contact phone#, and job title for the seller’s lender representative
·         Property address
·         Sales price
·         Seller contribution amount toward closing costs/pre-paids
·         Borrower’s name(s)
·         Expiration date of approval letter
If your short sale approval letter does not contain all of the above information, you may have a challenge with your mortgage approval. 

letter: Getting a Gift for Closing Funds??? - Know the FHA Rules - 05/11/10 02:07 AM
As we are seeing more and more buyers getting gifts for closing funds, its crucial to make sure that everyone understands what documentation is required.  Contrary to the belief of many, funds can't just simply appear in your bank account with no explannation required.  Essentially, all deposits which do not show as a direct deposit from a borrower's employer, Social Security Administration, a pension fund, etc, must be verified.   The general rule of thumb for a "large deposit" is anything over $300. 
FHA does allow a gift from a family member, domestic partner, or someone with a demonstration long-term relationship to the borrower.  A gift letter containing … (2 comments)

Rodney Mason, VP of Mortgage Lending - AL, FL, GA, SC, & TN (Guaranteed Rate NMLS# 2611) Rainmaker large

Rodney Mason

VP of Mortgage Lending - AL, FL, GA, SC, & TN

Atlanta, GA

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Guaranteed Rate NMLS# 2611

Address: 825 Juniper St NE, Atlanta, GA, 30308

Office: (404) 591-2453

Fax: (404) 601-8488

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