Mortgage company asking for bank statements?
Mortgage company asked for 2 months of bank statements, but they show a low balance(no overdrafts). We buy most things with cash not our checking account. We are prequalified for a USDA rural home loan, and have 3500 to spend towards appraisal and home inspection costs.(seller is paying closing costs). But I am worried because the 3500 funds that show in our account was money that was deposited for tax refund. Is this going to be a problem because we didn’t actually save that money?
It would be a problem if the money was a loan or gift. Since you can document where it came from, you’ll be just fine.
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The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Appraisal Low. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Low
Can a mortgage broker get a refi approved if the appraisal has not been released and the customers are low inc
We have been dealing with these lenders that we just can’t trust.
No.
A mortgage broker does not lend his/her own money. They shop around to banks. The bank’s underwriting staff have the final say. That said, they often have close relationships and have a good idea if something is likely to get approved.
A mortgage banker would be a different story. They have their own money to lend, but then they usually need to be sure that they can sell the mortgage to re-lend that same money. Again, they have to apply pretty strict underwriting so that they will be able to sell it.
good luck!