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This will be our 3rd home purchase while selling our current home. My husband and I are both retired from government service (him military and civil service and I retired from civil service) and have been married for 43 yrs. We both have excellent credit scores.
First I was ask to explain why my SS number has only been obtained in 1974 - I am a foreign born and immigrated in the US 3 months after marrying my husband in Sept 1974. They also want a copy of my naturalization papers.
Second, to finalize loan - we are closing in July - the lender was asking again to provide all bank statements and four years back of Income Tax Returns including 2015. In Feb of this year, my husband received a distribution check from the estate of his brother. Now, get this...The lender is asking us to provide a copy of that check? Why is this necessary? I thought the basis on approving loan is your ability to repay them...income and debt ratio..By the way, this would be a VA loan.
As far as the naturalization papers--different rules apply to those that are not citizens when it comes to buying/selling property in the U.S. I assume that different rules apply for lending to those that are not citizens. Your papers will prove your citizenship.
Bank statements and tax returns are a normal request.
They need to know that the "sudden" increase in your checking account that came from the estate is not actually a loan. They need to verify it is from the estate.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by rrah
As far as the naturalization papers--different rules apply to those that are not citizens when it comes to buying/selling property in the U.S. I assume that different rules apply for lending to those that are not citizens. Your papers will prove your citizenship.
Bank statements and tax returns are a normal request.
They need to know that the "sudden" increase in your checking account that came from the estate is not actually a loan. They need to verify it is from the estate.
None of this actually sounds out of the ordinary.
Yes, it's all quite normal now. They have to be sure that none of the down payment was borrowed.
This will be our 3rd home purchase while selling our current home. My husband and I are both retired from government service (him military and civil service and I retired from civil service) and have been married for 43 yrs. We both have excellent credit scores.
First I was ask to explain why my SS number has only been obtained in 1974 - I am a foreign born and immigrated in the US 3 months after marrying my husband in Sept 1974. They also want a copy of my naturalization papers.
Second, to finalize loan - we are closing in July - the lender was asking again to provide all bank statements and four years back of Income Tax Returns including 2015. In Feb of this year, my husband received a distribution check from the estate of his brother. Now, get this...The lender is asking us to provide a copy of that check? Why is this necessary? I thought the basis on approving loan is your ability to repay them...income and debt ratio..By the way, this would be a VA loan.
Two key phrases, CIP, part of the Patriot Act, both of which were updated with Bank Secrecy Act. Simply, CIP is customer identification program requires all lending institutions to verify specific information about their customers. When the Patriot Act was recently extended, additional requirements came down. Federal law requires children to have their SSN to be claimed as a dependent, so the date you obtained your SSN needs to be addressed and documented.
As far as verifying your husband's inheritance, that is due to the AML Act or the Anti Money Laundering Act, recently expanded, but the purpose is to verify all funds within the period of consideration, are indeed his, and obtained legally.
Please understand the individuals working on your loan face personal fines and punishment for not following regulations. Yes, it's all necessary, they have not singled you out to make your life miserable. All of these requirements have been discussed or covered in the news as they occur. No one raises their voice as these things are passed by our elected officials and then wonder how they got there when they must comply with the law. Kind of like Dodd Frank, passed while the country was looking elsewhere.
As far as the naturalization papers--different rules apply to those that are not citizens when it comes to buying/selling property in the U.S. I assume that different rules apply for lending to those that are not citizens. Your papers will prove your citizenship.
Bank statements and tax returns are a normal request.
They need to know that the "sudden" increase in your checking account that came from the estate is not actually a loan. They need to verify it is from the estate.
None of this actually sounds out of the ordinary.
She was a Government employee (now retired) so the underwriter should know better regarding citizenship.
I feel your pain. Every day I am faced with a new email from my loan processor asking me for proof of this and proof of that. Most of which I do understand. But this morning's ask was that I needed to provide a copy of my divorce decree. From 1996. We were married at 20 years old for 3 years. No kids and no assets or debts. Why couldn't my married name drop off my freaking credit report like all the other crap? To me my ex-husband fits into the same category... A bad debt!
Luckily I'm not closing anytime soon like you (new construction). Hopefully you have enough time to get the documents you need. I would be able to understand them asking you for this info on your first home but like Jersey25 alluded to above -- common sense needs to come into play. You were a GOVERNMENT employee.
Well, think of it this way. In 10 years time mortgage lenders will require all applicants to complete a polygraph. At our expense, of course.
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