Mortgage Loan - Documents Needed

[SmartMoney]

For new construction, docs are good for 180 days. I only urge caution and recommend holding the lender's feet to the fire obtaining a mortgage loan commitment because new home mortgage companies have this terrible habit of holding the file until they are within 60 days of closing. If they send it to a lender and then don't deliver, they get their hand slapped for a poor pull thru or poor delivery ratio. So, what they do is a quick run on the automated system and then not keep the file current as the AUS is updated, resulting in problems.

My point: a borrower has no way of knowing if they have an approved loan until a written loan commitment is delivered, and within that document the terms and conditions are spelled out. We see far too many buyers surprised in the 11th hour. I can count on one finger how many borrowers have asked for the written loan commitment in the past year. (Every other kind of letter, yes, but not the one that counts).

[s-henderson]

Well i provided all of those documents even verification of rental from my land lord but because my rent was paid in cash and not with a check i'm having problems gettin my loan approved and everything else is great so please if you are renting make sure you have cancelled checks some lenders won't even except moneyorder reciepts

[dad2jules]

Very easy rule of thumb- Always pay from a documentable source(check/ credit card) but always accept cash if offered as payment.

As you see you may have to prove you made payments-cancelled checks but don't want them bouncing on you so take cash whenever possible but understand if someone insists on paying with you a check.