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:

  1. Lenders need to protect themselves against fraud.
  2. 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.

Kelly Hudson

Mortgage Expert

Mobile: 604-312-5009

Kelly@KellyHudsonMortgages.com

www.KellyHudsonMortgages.com


Kelly Hudson
MORTGAGE ARCHITECTS
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