Why You Need to Prove your Down Payment when Buying a Home
KellyHudsonMortgages • September 5, 2016
If you want your mortgage approved, you need to document the heck out of everything!!
Why? Two reasons:
- Lenders need to protect themselves against fraud.
- You want to prove that you aren’t borrowing your down payment and you really do have the cash.
So, even though you know you can be trusted…. your lender needs to be able to PROVE it. If you can show that you didn’t borrow the money for your down payment, you are more likely to get approval than if you have a super high debt ratio.
How do you document the heck out of everything?
That depends on where your down payment is coming from. Each source will have different documentation to support verification. Most sources need a 3-month record of your past transactions.
Here are the five possible sources for your down payment. Click to see specific details about the documentation you require. How to Verify Your Down Payment When Buying a Home
Make sure you read the details well in advance of your mortgage application. Or give me a call and I can answer your questions.
Check out my other BLOG 5 GREAT Reasons To Provide a 20% Down Payment when Buying a Home
Kelly Hudson
Mortgage Expert
Mobile: 604-312-5009
Kelly@KellyHudsonMortgages.com
www.KellyHudsonMortgages.com
Kelly Hudson
MORTGAGE ARCHITECTS
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