Quote:
Originally Posted by rasinfo
Fortunately, my bank scans deposit slips allowing me to print three months to support my letter of explanation. If not for this I don't know what I would have done.
I still fail to see any sensible reason for this level of scrutiny.
If you can prove you make money money - legally,
pay you bills on time (I pay ALL my credit cards off monthly),
and keep a bank account steadily growing.
Why should the method of cash withdrawals matter?
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ITs an FHA loan, you are borrowing on their rules, not the banks.
There is sensible reasoning are you kidding? Its called the complete fallout of the real estate market over the past decade due to no doc and poorly written loans. I still cant even believe that there are these low down payment loans to be honest. So I am glad they are busting balls about it.
The other reason is that they want a paper trail to make sure you arent laundering money. There has been millions upon millions in fraud due to this.
IMHO only a skilled loan officer that deals in FHA loans can tell you what you need to do in advance. THis way it gets packaged correctly before sending to the processor or underwriter will make the process FAR easier. If not, you better work with someone that is competent or it can slow your purchase that much more.
The loan servicer will also not get insured by the FHA if you default and they dont have the correct paperwork that is REQUIRED, leaving the lender on the hook.
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