Mortgage Brokers?

[phatty]

Any mortgage brokers/lenders on here? i got some questions!!!

in filling out my paperwork they asked for a two month paper trail of my account. I gave them mid-june through mid-august (i dont have august to september for another week). I put a large sum of money (enough for my down payment and closing costs) into that account last week. My broker is wanting to see that on the statements which is fine and all the paper work from other accounts where i moved it from (the bulk was cash deposits). I am pretty sure I can get a up to the minute statement for my main account, but i dont want to deal with getting paper work from 4 other banks and explaining where i get my cash from. Is it required that i document all the paper trails, or can i get away with just showing my main account? Keep in mind my credit score is just below 800 and my paycheck stubs show that i am more than capable of paying for the loan. I am lazy and I just dont want to deal with rounding up paper work from 4 other banks and trying to explain my large cash deposits.

advice? criticism? flame on...

 

[phatty]

need a little advice here folks... someone has got to be involved in that stuff?

 

[girlpowder]

What thaaaaa???
Where is all the advice???? Come on Snowesters.....
I just posted to get it back on the front page.
Good luck with rounding up paper work. They like to torture people.
We had to get past bank statements for the IRS and the bank charges out the butt for them. Sucks to be paperless these days.
Anyway you should talk to Sleadhead, he has been learning all kinds of new things lately.

 

[Mountain Demon]

Ya they want you to prove were it came from.
Tell them u sold something, something with out a title.

David

 

[XC700116]

They want to make sure you didn't take out a loan to cover your down pmt and closing costs. I'm not a mortgage broker but I'm going through it right now too. If it's on multiple deposits and spread out over time there's nothing they can question. but if you just put 20-40 G's in your account your going to have to show where the source was or if say a family member lent it to you off the books or something like that, they will have to sign a statement that it was a gift or you'll still wind up paying PMI or reducing the amount you can borrow.

 

[Ex-Member]

This your first house? I got hooked up with a 0% interest 10-year down payment loan for first time home buyers. Might want to shop around for a program like that.

 

[modsledr]

Most lenders require at least 60 days seasoning on any major deposits. Like XC said, to make sure you didn't borrow the money and use it for the down payment before the loan has a chance to hit your credit report.

Something else to think about: the lenders are getting more and more stringent on their underwriting requirements...my advice would be to do what they're asking and get it closed before they make you jump through even more hoops.

good luck!!

 

[phatty]

They want to make sure you didn't take out a loan to cover your down pmt and closing costs. I'm not a mortgage broker but I'm going through it right now too. If it's on multiple deposits and spread out over time there's nothing they can question. but if you just put 20-40 G's in your account your going to have to show where the source was or if say a family member lent it to you off the books or something like that, they will have to sign a statement that it was a gift or you'll still wind up paying PMI or reducing the amount you can borrow.

So i think my mom just gifted me some money off the books
A letter should do the trick on that i would suppose. Thanks for the help guys!

for those who question, no i don't sell drugs, but i do sell snowmobile stuff, which is pretty much just as addicting, and i do other odd jobs which pay under the table.

and for mule... if it sounds to good to be true, im sure it is too good to be true... the only loans i have seen like that come from state approved funds for special needs mortgages. Unfortunately, I am a little overqualified to fit into that group However i do still qualify for the 7500 tax break!

 

[maluchm]

So i think my mom just gifted me some money off the books
A letter should do the trick on that i would suppose. Thanks for the help guys!

That's what we did on our last house. I think some of it might have been declared inheritance.

 

[xrated]

trying to explain my large cash deposits.-so it's not drugs....I'm going with man whoring.

 

[03rmking]

Few months back I got a mortgage from BofA and they didn't ask for a shred of financial info. Just pulled my credit, asked what I do for a living and gave me the loan. Pretty shocked how easy it was.

 

[Wired1]

Hey Phatty: You can only be gifted $10,000/year per person without tax consequences. FYI

What's wrong with taking out a loan for your downpayment? I did a line of credit for my downpayment, but also have plenty of equity in my condo, when it sells.

 

[Kevco]

Phatty call me I got a GREAT guy. Did you get my PM on my bro in Afghanistan?

 

[phatty]

Hey Phatty: You can only be gifted $10,000/year per person without tax consequences. FYI

What's wrong with taking out a loan for your downpayment? I did a line of credit for my downpayment, but also have plenty of equity in my condo, when it sells.

damage! hahaha well letter was drafted and sent in, waiting to hear back today from the underwriter... hopefully the IRS doesnt sniff this out and bite me with it!

Big Sal,
i was shopping for brokers like a month ago and then you and another friend called me yesterday! This lady is pretty good, just wants way too much paper work done, that and i am way to lazy!

 

[Himark]

Seriously...IF you have a decent credit score shop your loan at the bank not a broker. Brokers add 1% origination fee that others dont...this is how they make the $. They are also real good about 595.00 fee for this 595.00 fee for that. SERIOUSLY shop them with a conventional bank. They do have there place and it is generally with people that score low, sounds like you do not fall into this catagory.

 

[phatty]

Seriously...IF you have a decent credit score shop your loan at the bank not a broker. Brokers add 1% origination fee that others dont...this is how they make the $. They are also real good about 595.00 fee for this 595.00 fee for that. SERIOUSLY shop them with a conventional bank. They do have there place and it is generally with people that score low, sounds like you do not fall into this catagory.

wells fargo and america first both had all the same fees my broker showed me, but they would not show me the rate sheets and i could not lock until closing, thus i have no idea what rate i am getting until the last second... and personally, that scares me. the banks did have a .5% loan origination fee though...

bottom line was that is that your going to pay no matter where you go, its just a matter of them marking this fee up or that fee down. it was all pretty close, but to me its the service they give and their attitude towards me that make the difference.

 

[Superjag]

For the record, IF the IRS ever came after you (which is pretty unlikely) the gift tax allowance for 2008 is $12,000 per person per year, not $10,000.

 

[phatty]

Well, I must be living right or extremely blessed... im leaning toward the later!

locked in a rate of %5.375! I close on the 30th!

Thanks to all those who chimed! The help was much appreciated!

Now I can almost think about buying a sled! yay!!!

 

[XC700116]

Good for you phatty, I just got a 30 day lock quote at the same % as you. I'm just glad I don't have to come up with the closing costs myself this time. Gotta like Relocation deals for work.

 

[Snoboner]

I'm not giving up my 3.78 locked fer nothing. With all the housing defaults and mortgage shenanigans from the last few years, loan quals are getting tighter and tighter.Brokers and Banks have tighter leashes on them