Tuesday, September 14, 2010

Getting a Mortgage Post Meltdown

Granted it's been about 20 years since I applied for a mortgage. However, it is unbelievable how challenging it is to get a mortgage these days. My broker tells me part of the problem is that I'm a minister, and the way our salaries are structured complicates things. Anyway, I have been preapproved for a mortgage. I have an excellent credit rating, no debt, money in the bank, and more than enough income to pay for a much larger mortgage. The documentation I have given them includes:
  • 2008 and 2009 W-2's. They were concerned about the fact that they were handwritten.
  • A release so they could get my 2008 and 2009 tax returns from the IRS.
  • Yesterday they decided they needed my 2008 and 2009 1040's.
  • 2 months bank and investment account statements.
  • A paper trail following mutual funds I sold and transfers from my investment account to my bank account.
  • Today they decided that they needed August statements and all bank activity this month.
  • I threw in all my August credit card statements, as well.
  • This afternoon it was decided they needed to know the source of every deposit I made in the last 6 weeks.
  • I told the broker we were in trouble if they asked for my first born child, since Daughter wasn't born to me, she was adopted.

I'm hoping that I'm done jumping through hoops, and that tomorrow they will be able to give me a closing date and time. My broker has apologized every time he has called with another demand from the underwriters. I know they faxed something to the church in Capital wanting employment verification-- I had given them a copy of my signed contract, but that wasn't enough. They also required income verification from Tiny Village. My broker suspects they'll approve it now contingent upon me signing my tax returns. I use tax software that allows me to file electronically. I have PDF's of my returns, but they aren't signed.

I suspect that when I get to the actual closing I will end up with writer's cramp from signing all the documents. I will be very glad, though, when it is done and I have keys in my hand. That will eliminate a great deal of stress.


mortgage broker Perth said...

I like to visit your blog with the fact that it has some interesting writings about mortgage.

Linda B said...

wow. I hope you don't get your carpel tunnel back!

Reverend Mom said...

mbP, welcome to my blog.

Linda, do you think I could file a claim if I did?

Heather said...

When my husband and I purchased our first home, it was a few months before our wedding date (I lived there alone for the intervening months, while he rented elsewhere). He had just sold his home in another state, and we were using those funds for the down payment. If we'd been living together, it would have been fine, but since we weren't, we had to give them copies of the receipt for my ring and the contract for the reception hall before they would let me use his funds.

Abbie said...

Getting a mortgage these days is indeed a bit stressful, but it's all really worth it. I remember when my husband and I moved in to Alberta. Best mortgages were relatively easy to find, thanks to our broker. The requirements were all stringent though, but we were able to get through.

We're more than happy now that we got our dream Alberta home; loan payments take a chunk of our budget, but we're glad with the fact that we have a house to call our own.