Financing - Here We Go Again

Our lender contacted me yesterday and sent over a list of items that we need to provide so that we can close smoothly.

2013/2014 W-2s: Sent this morning. Also sent over 1099s. I have one more document to send along with a Letter of Explanation (LOE) for a gap in my employment.

2013/2014 Tax Returns: Sent yesterday.

Photocopies of cleared deposit checks for house/options: Sent yesterday.

Everything else will be submitted as we get closer to a 45-60 day window of closing (Most likely September).

One more thing I did last night that is important to know: I consolidated funds into one account. We were encouraged last year to NOT have funds spread out all over the place in different accounts. More important, do not transfer or deposit large sums within the 45-60 day window of closing. The reason for that is that it looks like erratic behavior. Instead, a large transaction should be done way in advance (few months), then let it sit there undisturbed. This shows stability.

Execute Rapid Rescore Process

I received a faxed confirmation of a zero balance from a creditor that was giving me problems.

The confirmation letter was sent to the mortgage lender.

She said, she can get the blemish removed from my history and do a rapid rescore. Rapid Rescore is not commonly available to all lenders.

In about 5 days, we should be able to see an increased score. I would be interested to know how this lender's rate compares to other lenders if they were to evaluate me?

Time will tell.

I'm thinking it would be better to wave for another 6-9 months. I think the time would go by fast.

Milestones:
Halloween
Thanksgiving
Wife's birthday
My birthday (3 months Major Milestone)

Christmas
New Years
4 year wedding anniversary
Tax Season
Lunar New Year
Valentine's Day
1 year anniversary at new job (6 months Major Milestone)

Vietnam trip
4 year anniversary at our current apartment
Easter
Our son's birthday (9 months Major Milestone)

Request for Evidence of Income

The mortgage lender requested the following documents today:

• W-2 forms for the previous 2 years
• Federal Tax Returns and Business Tax Returns (all pages) for the previous 2 years
• Pay stubs for the passed 30 days
• Passed 2 months bank statements
• Driver's License
• Social Security Card

I had everything together except my most recent W-2. I contacted HR and they sent me a form which I filled out requesting a reissue of the most recent W-2. I'll forward that to the lender as soon as I get it.

Another thing they are doing is verification of employment and salary which is kind of mixed together with the documents requested above. Fortunate for me, my company already has a good reputation with this lender and have a portal set up solely for this purpose.

There were some other things they requested if applicable. Not applicable in my case. But those items are listed below.

• Current mortgage statement and insurance declaration page
• Retirement statements (most current)
• Award letters for social security/retirement income
• Bankruptcy schedules/Discharge docs
• Divorce decree (all pages)
• VA: DD214/Disability Awards Letter