Personal assets are another factor in determining your credit worthiness. Depending on your loan type, you may be asked to provide documentation to verify the sources of the assets you state. Below is a list of common asset types and the type of documents used to validate this information:
- Checking/Savings Account - 2 months current bank statements (all pages).
- Stock, 401k, Mutual Funds or Other Retirement Accounts - Most recent statement showing a 2-3 month history.
- Proceeds from the Sale of Another Property - Settlement Statement (HUD1) documenting the transaction.
If you are experiencing difficulty meeting any of the income and/or asset documentation requirements, please discuss this with your representative as they can offer you alternative programs.
|