Source of Large Deposits (what to provide)

large deposit why

Lenders want you to explain source of large deposits that appears on your bank statements with a letter of explanation. You already wrote the darn letter, why do they want more documents??? Well, they want to document what you said is…

Social Security, Retirement, Pension, VA Income

retirement

If you are currently retired and received social security, retirement/pension or VA income, you still can qualify for home loans. What to provide: Most lenders accept the following documents to support income used – Most recent 2 years 1099. If…

Decline in income earned

Decline income

Why do lenders want to see your 2 years W2 and 1 month worth of paystub? Simple. They want these documents to support length at current employment and consistently in income earned from one year to another (stability of income). If…

Student Loan (Deferred Payments)

Student loans

I know you are nervous. You want to buy a house now, but you are only working part-time to support yourself through school. There are many student loan accounts appear on your credit report. You will not be able to qualify for a home loan with your…