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One of many distinctive elements of our method is how we deal with pooled funds, particularly with regards to members of the family dwelling collectively.
Pooled Funds: Not Thought of a Reward
Do you know that at MortgageDepot, we don’t take into account pooled funds as a present? This generally is a important benefit for debtors who reside with members of the family. When members of the family stay collectively and plan to proceed dwelling collectively after the closing, the funds they pool collectively are usually not handled as a present. This will simplify the monetary documentation course of and doubtlessly 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 you might want to present:
Proof of Residency: Documentation confirming that each one members of the family or associated individuals have been dwelling with the borrower for no less than 12 months. This might embrace utility payments, lease agreements, or different official paperwork that set up residency.
Letter of Continuation: A letter confirming that these members of the family will proceed to stay with the borrower within the topic property after closing. This letter doesn’t should 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 sensible evaluation of your monetary state of affairs. This method could be notably useful for multi-generational households or households who’ve chosen to stay collectively for financial or private causes.
Contact our workplace for extra details about present funds.
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