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.
Marriage certificate with bridal dress will be required if both husband and wife are required to qualify for the loan.
GFE will not require signature but will require blood sampling from a recognized institution within three days of application.
DNA test will be performed at closing to avoid any ARM length transaction. Loan funding will be contingent upon satisfactory receipt of DNA results.
Verification of deposit will be acceptable only if Bank representative is present at the closing.
Copy of Pay stubs and W2 will only be acceptable through IRS only with a wax sealed envelope mailed directly to the lender.
7 Witnesses from neighborhood will be required as proof of primary residence in case Borrower owns more than 1 property.
All 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.
In 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.
Closing 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.
Loan 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.