One of many distinctive facets of our method is how we deal with pooled funds, particularly with regards to relations dwelling collectively.
Pooled Funds: Not Thought of a Reward
Do you know that at MortgageDepot, we don’t think about pooled funds as a present? This is usually a vital benefit for debtors who reside with relations. When relations reside collectively and plan to proceed dwelling collectively after the closing, the funds they pool collectively are usually not handled as a present. This could simplify the monetary documentation course of and probably 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 it’s essential to present:
Proof of Residency: Documentation confirming that each one relations or associated individuals have been dwelling with the borrower for no less than 12 months. This might embrace utility payments, lease agreements, or different official paperwork that set up residency.
Letter of Continuation: A letter confirming that these relations will proceed to reside 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 affect your mortgage utility. By not contemplating these funds as a present, MortgageDepot permits for a extra versatile and lifelike evaluation of your monetary scenario. This method will be notably useful for multi-generational households or households who’ve chosen to reside collectively for financial or private causes.
Contact our workplace for extra details about reward funds.
