Mortgage Loans, Downpayments, Weddings and Photocopies

When you’ve been in the mortgage industry long enough, you may think you’ve seen everything; but alas, you still haven’t.

One of our recent mortgage loans was for a newly married couple who decided to use their cash wedding gifts toward the down payment of their first home. It sounded like a great idea in theory, but knowing we make mortgages, we don’t make sense; I wanted to check with my underwriter to see if this was even possible.

“In addition to the copies of the checks, I will need copies of the cash.”

I received an email from the underwriter who said, and I quote: “In addition to the copies of the checks, I will need copies of the cash.” Needing to confirm what I thought he said he wanted, I called and was told that copies of the actual currency needed to be photocopied and provided in addition to the check copies. Mmmm…

In all sanity’s sake, it is the norm to clearly define the source of any down payment; but I found this sort of, well, certifiably insane. But it doesn’t matter what I think…

So…if you’re going to use the proceeds from your wedding to purchase a home, put these items on your To Do List along with the tux fittings and flower deposit:

  • Copy of the marriage license
  • Copy of the wedding invitation
  • Copy of the deposit slip showing ALL monies being deposited at once
  • Statement saying that it’s all from the wedding
  • Copy of checks
  • …and apparently, copies of the greenbacks!

Congratulations on your nuptials and hopefully you also get a high-end Xerox copier as a gift; you’re apparently going to need it!

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