The toughest part of getting a mortgage today is documenting funds in checking/savings/retirement accounts. New Fannie and Freddie Mac guidelines REQUIRE we verify ALL NON PAYROLL DEPOSITS. What does this mean to you?
- DO NOT take or deposit ANY money from anyone other than your normal payroll deposits without calling your loan officer first.
- ALWAYS copy any and all checks before depositing them into your account
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NEVER deposit cash into your account
- DO NOT move money from account to account even if they are all your accounts without talking to your loan officer first.
- DO NOT ACCEPT gift money from family/friends without talking to your loan officer first.
- ALWAYS talk to your loan officer! ANY questions at all regarding funds already moved, needing to be moved, gift funds, etc. Talk to us. We are here to help you solve whatever problem you may have.
Following these instructions will dramatically improve your mortgage experience. If you deposit money into your account that is NOT a payroll deposit we have to get copies of the checks and signed letters of explanations for every single deposit. This includes deposits as small as $100.00. It can slow down and/or stop the process completely.
DO NOT LET ANYONE PULL YOUR CREDIT
Fannie Mae & Freddie Mac require complete debt monitoring for all loans through the loan closing date. Please note that banks can and will now be notified if any new credit has been issued on existing loan files. This notification procedure is in effect until the loan is closed and if any new credit was issued, this could delay/stop the loan closing because any new credit inquiries or new credit accounts opened will have to be added to credit report and resubmitted to underwriting.
PLEASE do not open or apply for any new credit while your loan is in process.
If you EVER HAVE ANY QUESTIONS…always talk to your lender BEFORE taking action.
Max A Kallos
404-277-5884 cell
[email protected]
Recognized in ‘Atlanta’ Magazine as a Five Star Mortgage Professional
