Okay, this is going to be your year. This is the year that you have decided to purchase your first Georgia home. The best advice I can give you is to make sure you have all of your ducks in a row before you start the process.
In other blogs I've talked about the importance of credit score and verification of rent. In this blog it's important that we discuss assets.
An asset can be a checking account, savings account, a 401(k), IRA, pension, stocks or bonds. In essence, any account that is currently held in cash or can be converted to cash.
As part of your mortgage application and documentation, we are going to ask you for the last two statements for all of your asset accounts. This is the same for all financing programs, conventional, FHA, VA, USDA and Jumbo loans.
The underwriter will review your bank statements and match your payroll deposits to your pay stubs. Any other deposits made into your checking or savings account will have to be documented. During this process you do not want to be making cash deposits into your checking account. There is no way to document the paper trail for those funds.
In all cases, it is important to send all pages of the asset statements. If the statement said eight pages and page 8 is blank you will still need to send that page as par?t of the complete report.
Before you make any deposits, transfer funds, or make expenditures please consult your licensed mortgage professional first.