One of many distinctive elements of our method is how we deal with pooled funds, particularly with regards to relations residing collectively.
Pooled Funds: Not Thought-about a Present
Do you know that at MortgageDepot, we don’t take into account pooled funds as a present? This generally is a important benefit for debtors who reside with relations. When relations stay collectively and plan to proceed residing collectively after the closing, the funds they pool collectively should not handled as a present. This could simplify the monetary documentation course of and probably make it simpler so that you can qualify for a mortgage.
Documentation Necessities
To make sure readability and compliance, we do require particular documentation. Right here’s what that you must present:
Proof of Residency: Documentation confirming that every one relations or associated individuals have been residing with the borrower for at the least 12 months. This might embrace utility payments, lease agreements, or different official paperwork that set up residency.
Letter of Continuation: A letter confirming that these relations will proceed to stay with the borrower within the topic property after closing. This letter doesn’t must be notarized, which simplifies the method additional.
Understanding how pooled funds are handled can considerably influence your mortgage software. By not contemplating these funds as a present, MortgageDepot permits for a extra versatile and reasonable evaluation of your monetary state of affairs. This method might be notably helpful for multi-generational households or households who’ve chosen to stay collectively for financial or private causes.
Contact our workplace for extra details about reward funds.
