FHA purchase
Identification
Assets
Notes: If 401(k) Assets are to be used for Down Payment (or Reserves), collect from the Client Terms and Conditions of Withdraw, the Loan Note, copy of the proceeds check and Proof of Deposit into Checking along with a before and after the loan plan statement.
Gift Amount
REO PRoperties
Notes: Directions on how to document income or loss included on 1038 form
Assets, Continued
W2 iNCOME
Notes: If Client has Access to Year End Paystubs from Previous Years, the breakdown by category of pay would be available there
SELF EMPLOYED
Purchase
File COntacts
Large Deposits
Buyers agent
If aggregate total of all non-payroll deposits equal a total of more than 1% of the loan amount, the total of amounts will need to be sourced or seasoned
Collections
Non-Medical Collections more than 2k need payment plan with 3 months of payment history OR 5% of balance added to DTI Calculations
Student Loans
Always use a minimum of 1% of the balance of all student debt as the monthly payment