08-25-2012 06:27 AM
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.
08-26-2012 08:32 AM
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.
08-26-2012 08:40 AM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.