Thursday, July 30, 2009

New Mortgage Requirements

I was in a meeting this morning with Kurt Francher of Bank of America Home Loans and learned a few new things:

1. Any deposits over $500.00 have to be documented. If you sell anything or receive a gift and make a deposit over $500.00, make a copy of the check and file it away just in case you're asked. In fact, just make copies of all checks you deposit.

2. Buyers must have 30 days on the job before closing. Previously a buyer only had to have one paystub to prove they were working. If you're starting a new job, you're a minimum of 30 days from closing.

3. Relocating couples used to be able to count the "trailing spouse" income even if the spouse had not gotten a job yet. No more.

If you have any questions about financing, let me know. Kurt Francher can be reached at 317-679-8832 or Let him know I sent you!

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