We need to be prepared with whatever the underwriter is going to want whenever it is requested. Period. And this goes beyond the qualification process. I’m talking about anything that could be viewed as a potential obstacle – from counter deposits to your bank account to job changes; I am afraid that the underwriter pretty much considers you guilty until proven innocent.
Please bear in mind, while that cash greased the skids of the initial transaction, getting that money back out will entail all the minutiae of any mortgage loan. Buying a home with cash does not prove you are solvent and are an excellent risk to a lender! If you are planning on doing a delayed mortgage deal and have the expectation that it is just a deposit and withdrawal equation, it is not. You are still subject to provision of all documentation and processes.
First of all, I know we’re all theoretically adults here but it must be said: There’s no room for whining, complaining and general grousing. To get a deal done in less than 30 days it is all-hands-on-deck. You need to clear your calendar, be accessible, return calls immediately, and have exactly what is asked for when it’s asked for. There is no margin, there is no tomorrow. We’ve got a lot of moving parts and they all have “stuff” they need to be fed to be kept moving. Literally, if something stalls due to missing pages of a bank statement for example, this line of dominoes is going down. I don’t think I know how to be any clearer.
To that end, there’s a laundry list of details to be obtained about the property, the association, and the subdivision itself; and there is nothing proprietary about any of it. The information needed is clear and pretty easily acquired. We need only look to the condo questionnaire for things like:
•What is the delinquency rate on HOA fees by the existing owners?
If you are a Realtor working with a seller who is determined not to accept offers from buyers receiving financing in the form of a VA loan because your sellers do not want to pay the buyer’s closing costs; there’s a work around. I am proud of the way VanDyk Mortgage handles a lot of… Continue Reading How to Make VA Loans More Attractive to Sellers