One of many distinctive points of our strategy is how we deal with pooled funds, particularly in the case of relations dwelling collectively.
Pooled Funds: Not Thought-about a Reward
Do you know that at MortgageDepot, we don’t contemplate pooled funds as a present? This is usually a important benefit for debtors who reside with relations. When relations dwell collectively and plan to proceed dwelling collectively after the closing, the funds they pool collectively are usually not handled as a present. This could simplify the monetary documentation course of and probably make it simpler so that you can qualify for a mortgage.
Documentation Necessities
To make sure readability and compliance, we do require particular documentation. Right here’s what it is advisable to present:
Proof of Residency: Documentation confirming that every one relations or associated individuals have been dwelling with the borrower for no less than 12 months. This might embody utility payments, lease agreements, or different official paperwork that set up residency.
Letter of Continuation: A letter confirming that these relations will proceed to dwell with the borrower within the topic property after closing. This letter doesn’t have to be notarized, which simplifies the method additional.
Understanding how pooled funds are handled can considerably impression your mortgage utility. By not contemplating these funds as a present, MortgageDepot permits for a extra versatile and practical evaluation of your monetary state of affairs. This strategy could be significantly helpful for multi-generational households or households who’ve chosen to dwell collectively for financial or private causes.
Contact our workplace for extra details about reward funds.
