topic Re: Questions for the mortgage experts needed. in Mortgage Loans

Questions for the mortgage experts needed.

Student_Loans_Kill — Sat, 25 Aug 2012 13:27:13 GMT

Earnest deposit; what paper trail do I need when I close? I have given 5 checks to my builder (non construction loan, just for deposit and upgrades from his plan) By the time is built, I would have given around $20,000 to my builder with checks from my checking account.

Sweat equity; What and how do I prove this when I want credit for my contribution to my lender? I hired my own tile contractor (best in my area, who is a friend and doing it for free) and I paying for all the tile and supplies, plus helping with the labor. The builder gave me a $4,000 credit for having the bathrooms tiled, and the mudroom. The bathrooms are a custom tile job, with tile showers. I just want to make sure I have my paper trail organized before I attempt to close in December or January.

Lot Ownership; how do I get down payment credit for a lot that was given to me and what paper trail do I need for lender? I would have owned lot for 5-6 months before closing on a completed house from a builder. Lot was closed in my name 3 weeks ago.

I want to make sure I have my deposit money all lined up, because every time I write a check for this house, my savings is decreasing and I don't want to not get approved because my saving is not 20% of the final home appraisal costs.

Re: Questions for the mortgage experts needed.

germaine47 — Sun, 26 Aug 2012 15:32:22 GMT

With Earnest money I made copies of the Cashiers Checks along with bank statements to show corresponding withdrawls. I then brought an organizer and labeled all my documentation so once the MB requested information it was readily available.

Re: Questions for the mortgage experts needed.

Student_Loans_Kill — Sun, 26 Aug 2012 15:40:41 GMT

I have used personal checks, I hope that is not a problem. I have a USAA (main) bank account that has a copy of the check and when it clears my account. I will make copies like you suggested and put in an electronic portfolio and paper folder.
I'm still wondering about sweat equity and how I get credit for this. One MB told me just to have builder decrease price on the house, and I informed him it didn't sound correct because it will still be included in appraisal and I'm still paying for it, but won't get credit or value as down payment