One of many distinctive points of our method is how we deal with pooled funds, particularly with regards to members of the family residing collectively.
Pooled Funds: Not Thought of a Reward
Do you know that at MortgageDepot, we don’t take into account pooled funds as a present? This could be a vital benefit for debtors who reside with members of the family. When members of the family reside collectively and plan to proceed residing collectively after the closing, the funds they pool collectively usually are not handled as a present. This will simplify the monetary documentation course of and doubtlessly 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 you could present:
Proof of Residency: Documentation confirming that each one members of the family 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 members of the family will proceed to reside 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 affect your mortgage utility. By not contemplating these funds as a present, MortgageDepot permits for a extra versatile and lifelike evaluation of your monetary state of affairs. This method may be notably useful for multi-generational households or households who’ve chosen to reside collectively for financial or private causes.
Contact our workplace for extra details about reward funds.