Tuesday, October 16, 2012

Asset Documentation

Here's a list of the information that needs to be provided for a conventional loan when a borrower has to show that they have sufficient assets.  This is taken directly from the Fannie Mae guidelines:

Copies of bank statements or investment portfolio statements. The statements must cover account activity for the most recent two-month period (or, if account information is reported on a quarterly basis, for the most recent quarter). The statements must:
  • clearly identify the borrower as the account holder
  • include the account number
  • include the time period covered by the statement
  • include all deposits and withdrawal transactions (for depository accounts)
  • include all purchase and sale transactions (for financial portfolio accounts)
  • include the ending account balance 
Online printouts are not acceptable unless they contain all of this information, in addition to the name of the bank.

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!

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By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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