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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
Roger Decker | 540-294-2420 | Contact Me
12 Sunset Blvd - Staunton, VA 24401
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© 2019 Greater Augusta Association of REALTORS
All rights reserved. Information deemed to be reliable but
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name of the listing brokers. Listing broker has attempted to offer accurate
data, but buyers are advised to confirm all items. Information last updated
on 2018-06-04.