VA 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
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
REO PRoperties
Notes: Directions on how to document income or loss included on 1038 form
Large Deposits
If aggregate total of all non-payroll deposits equal a total of more than 2% of the loan amount, the total of amounts will need to be sourced or seasoned
Collections
Non-Medical Collections more than 5k or newer than 24 months must be paid off
Student Loans
Student Loans may be deferred for 12 months after closing OR use the higher of either the credit report amount or the calculation of a 5% interest only payment
Purchase
File COntacts
Buyers agent
sellers agent
HOI Agent
title company
Must have 6 months reserves to use income generated by Rentals for mortgage approval.