Frequent Contributor
Posts: 297
Registered: ‎02-12-2012
Questions for the mortgage experts needed.

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.

Starting Score: 656
Current Score: 678 TU 08, 665 EQ MyFico, 698 EX PSECU
Goal Score: 7OO needed for Mortgage application

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