My last three pre-approvals have reminded me that Getting a mortgage is not an easy task anymore in MN
One of my clients is relocating from Boston, MA and has a very solid income and a lot of assets but after reviewing the bank statements he has multiple non-payroll deposits that will all require a paper trail and explanation of what and why they are there....ugh! My client is reluctantly getting me all of the info I need but it will take time.
My second client is also relocating and she wants to buy a home prior to moving here and use her offer letter as proof of new job situation and income. ding ding ding..... bank overlays will most require them to be in the job 30 days before they can close even with an offer letter but I was able to find a bank that would allow it but she will have to close within 60 days of starting the new job so we have to plan for that with the close date. As you can see Getting a mortgage is not an easy task anymore in MN
My last example is a young couple that are buying their first home and their offer just got accepted and they dropped a bomb this morning and informed me that both their parents gave them $10,000 to put toward theri new house down payment. No big deal right....wrong! Gift letters + paper trail + more paper trail= Very stressed out clients and parents. Who knew giving could be so hard!
If you are looking to buy a home, talk to me so I can help you navigate the choppy waters of mortgage financing because Getting a mortgage is not an easy task anymore in MN
We are in a whole new world of financing and are definitely not in Kansas anymore!
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