Mortgage Tip of the Day: FUNDS

By
Mortgage and Lending with Southwest Funding

One of the biggest underwriting difficulties on a home purchase loan is the verification of funds to close and the earnest money check. Most underwriters require a copy of the front and back of the earnest money check along with a copy of the bank statement where the borrower withdrew the funds. Funds to close cannot be borrowed and any large deposits (greater than a payroll check) must be sourced.

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Jeff Schraeder

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