The approval process isn’t difficult as long as your paying attention to the details. Here are what we see underwriters questioning everyday.
- Internet printouts in place of actual bank statements: These often to not show account numbers and names
- We need all pages of statements (Yes, including the irrelevant last page)
- Large, non-payroll deposits need to be explained and documented
(Such as a $500 savings deposit)- Earnest money deposits must clear your account to get credit at closing – Be sure your realtor deposits your check ASAP to expedite clearing your account
- Include ALL schedules & pages when providing tax returns
(Not just first 2 pages of 1040)- Page 2 of 1040 needs to be signed
- Be sure your drivers license is NOT expired!
Posts tagged UN-APPROVED
Approval process issues – Road blocks
BK, short sale, foreclosure – When can you buy?
We have been fielding numerous inquiries relating to the how long a consumer has to wait to obtain a home loan after going through a bankruptcy, short sale or foreclosure. The rules can be very complicated to understand and each situation has it’s own set of guidelines. First Commerce Financial understands that many people have struggled in the past few years and our goal here is to provide some tools to help understand these rules and how it applies to the consumer and their particular situation
9 Ways to become UN-APPROVED
These suggestions may seem obvious to most consumers but our real world experiences dictate otherwise.
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Don’t buy a new car or trade-up to a bigger lease
Don’t quit your job to change industries or start a new company
Don’t switch from a salaried job to a heavily-commissioned job
Don’t transfer large sums of money between bank accounts
Don’t forget to pay your bills — even the ones in dispute
Don’t open new credit cards — even if you’re getting 20% off
Don’t accept a cash gift without filing the proper “gift” paperwork
Don’t make random, undocumented deposits into your bank account
Don’t count on using your income to qualify if you’re on maternity leave
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