New Underwriting Guidelines effective March 2010 !!!

Real Estate Agent with Keller Williams Group One, Inc.

This is where we are at in this CRAZY Market !!




New Underwriting Guidelines effective 3/01/2010



 All Borrowers’ Birth Certificate will be required with Pictures taken in the hospital with medical staff. Birth certificate with a live home delivery will not be eligible for first time home buyers.


1 Marriage certificate with bridal dress will be required if both husband and wife are required to qualify for the loan.


1GFE will not require signature but will require blood sampling from a recognized institution within three days of application.1


1DNA test will be performed at closing to avoid any ARM length transaction. Loan funding will be contingent upon satisfactory receipt of DNA results.


1Verification of deposit will be acceptable only if Bank representative is present at the closing.

1Copy of Pay stubs and W2 will only be acceptable through IRS only with a wax sealed envelope mailed directly to the lender.


117 Witnesses from neighborhood will be required as proof of primary residence in case Borrower owns more than 1 property.


1All appraisers will be required to use Mask and ear plugs at the time of inspection to avoid any personal influence by the borrower for the appraised value.


1In order to correctly calculate DTI and true house running ratio a list of Grocery items, monthly usage and brand names will be required with receipts and projected 12 months consumption chart.1


1Closing will not occur without loan officer presence at settlement and Loan officer picture will be taken at the closing in a Mug shot format with loan number. Picture should meet standard guideline of 2 X 2 inch in color format with one facing and one side view.


1Loan officer picture will be attached to the Deed and note and will be made available for general public and security agencies in case Borrower defaults on the loan. 


Comments (1)

Ellen Crawford
Maximum One Executive REALTORS® - Alpharetta, GA
Alpharetta Real Estate Agents & Alpharetta REALTOR

LOL!  The sad thing these will all be required shortly.

Mar 10, 2010 01:26 PM