Quote:
Originally Posted by mike25
so with my 720+ credit score, would i be looking at a fairly decent interest rate? also when you say seasoned funds, are you meaning that i have to be able to prove that its money i earned?
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Yes - for the most part. One of the problems in the housing market blowout was due to people borrowing money but the funds they just happened to have in time for their loan were never "sourced" so when the person defaulted on their loan, it was discovered that their DTI ratios we much higher than the lender thought cuz the buyer borrowed money he/she did not disclose, and was not being reported on their credit report. The result is that buyers now have to document every penny that goes into their accounts to show its money they do not have to pay back, and that meets the asset requirements of the loan program they are using.
Basically it means expect to disclose and document everything under the sun. With fraud and due diligence checks that are now in place by lenders, we will find out everything about you for the last 20years and if any of it even hints at you owing money somewhere that is not disclosed, expect to prove you don't.
Mortgages USED to be fun....
