NEEDS DOCUMENTATION LIST FOR YOUR TRANSACTION
are the governing bodies of home loans in American, and any loan originated through an FDIC related lending establishment must follow the same rules. One of the rules is explanation of credit and identification. Please be prepared to write a letter of explanation regarding any names that you have used in the past other than your legal birth name, whether it be nicknames or previous married names…short explanation is all that is needed. For credit, if there has been any missed/skipped 30 day late payments on your credit report, or derogatory credit such as charge offs or collections, an explanation will be requested for those items. If you have a judgment or tax lien on your credit, a letter of explanation will need to be written regarding that item. Lastly, any other inquiries for credit will need to be explained as well, and if any new credit was opened do to a new inquiry, that should be mentioned in the letter (example: purchase of new car…payment will need to be verified and added to the application in the liability section).Please check out our following post this week on Part II How To Prepare for My Home Loan Process! You can check in at YMGFL site.