The Motley Fool Discussion Boards

Previous Page

Personal Finances / Buying or Selling a Home

URL:  https://boards.fool.com/what-the-underwriter-wanted-to-see-was-34305981.aspx

Subject:  Re: Mortgage Date:  9/29/2019  8:22 PM
Author:  inparadise Number:  129263 of 129284

What the underwriter wanted to see was confirmation that the broker was directed to distribute $X/mo to me, *and* to see a copy of the check or my checking account statement showing the deposit(s).
...
Yes, they still want to see that the broker/account administrator is sending you the money, and see that amount deposited into a checking account. It would depend on the lender if they would qualify you by just seeing an uncashed check - some lenders like to see at least 2 deposits into your account, so just showing one uncashed check wouldn't work.


We did not have to draw down anything. Our retirement assets remain untapped. No charades in the asset based mortgage that we got. For a previous effort to buy a property it was suggested that we do the two months draw down of retirement assets as you suggest. This was a different type of mortgage. We also had to put a minimum of 30% down, not a penny less.

If the income documented on your tax returns hadn't been enough to qualify you for the mortgage, then you may well have needed to set up an additional withdrawal from your retirement accounts.

Documented income was no where close to qualifying us for the loan, but no withdrawals from retirement accounts needed. Just large balances.

Probably another type of mortgage out there that's not quite what you are talking about.

IP
Copyright 1996-2019 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us