St Louis Mortgage Rate Update; Cash-To-Close must be Seasoned and come from the Proper Source

Whatever funds the borrower intends to use to close a transaction has to be sourced and seasoned. Providing proper asset documentation and the actual source of the funds is a critical element of the approval and closing process. There’s nothing worse in a real estate purchase than making it all the way through the hoops and hurdles of the approval process just to have a loan fall apart due to the borrower not using an acceptable source of funds in order to close. In other words, “Mattress Money” is no longer a legitimate source. Continue reading “St Louis Mortgage Rate Update; Cash-To-Close must be Seasoned and come from the Proper Source