One of many distinctive elements of our method is how we deal with pooled funds, particularly relating to members of the family residing collectively.
Pooled Funds: Not Thought of a Reward
Do you know that at MortgageDepot, we don’t contemplate pooled funds as a present? This is usually a important benefit for debtors who reside with members of the family. When members of the family 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 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 must present:
Proof of Residency: Documentation confirming that every one members of the family or associated individuals have been residing with the borrower for at the least 12 months. This might embody 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 stay with the borrower within the topic property after closing. This letter doesn’t have to be notarized, which simplifies the method additional.
Understanding how pooled funds are handled can considerably impression 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 will be significantly 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 present funds.