Have These Items Ready When You Apply For a Loan
It used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest is often in speed and getting answers quickly so alternate documentation has become more widely used. Alternate documentation means that underwriting answers can be obtained with information supplied directly from the borrower instead of waiting around for verifications to come back in the mail.
The following is required for most standardized loans as part of alternate documentation processing. Items may differ according to whether your loan is a conforming (Fannie Mae or Freddie Mac), non-conforming (jumbo) loan, government loan, or a portfolio loan.
Verifications are still mailed out, but usually as part of quality control procedures.
These are the things you need to supply to your lender to get a quick approval using alternate documentation
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Information last updated on 2024-03-28 13:30:07.
©2024, St. Augustine & St. Johns Co. MLS. All rights reserved.
Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes from St. Augustine and St. Johns County MLS and the Broker Reciprocity Program.sm. Real estate listings held by brokerage firms other than RE/MAX 100 Reallty are marked with the BR logo and detailed information about them includes the name of the listing brokers. All measurements and all calculations of area (i.e., Sq Ft and Acreage) are approximate. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.
Information last updated on 2024-03-28 13:30:07.