Building Your Own Home For Dummies by Kevin Daum & Janice Brewster & Peter Economy

Author:Kevin Daum & Janice Brewster & Peter Economy
Language: eng
Format: epub
Publisher: Wiley

Ask your loan officer to help you determine the specific amount of cash necessary to qualify before you provide any asset information such as bank statements. If you show the bank that your assets are insufficient, you may be stuck — no matter what you do to build them up later. Discussing the guidelines with the bank in the abstract is okay, but the bank must use any documentation that you give it. A mortgage broker may have more flexibility in only providing the most recent information to prospective lenders.

When banks verify your liquid assets (cash and assets that can be turned into cash quickly, such as stock or money market funds), they want to make sure the money has been there for a period of time and not recently borrowed to beef up your account, causing the need to make payments or pay it back. When new money magically appears, the bank always wants to identify the source of funds. The underwriter looks for the 60-day average balance to determine if the money is seasoned. If you don’t currently have seasoned funds, you may have to wait 60 days before applying for the loan.

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