Getting Married and Buying a Home: Building The Perfect Marriage


Getting Married and Buying a Home:  
Building The Perfect Marriage


     I've always enjoyed working with my First-Time Home Buyers.  Their enthusiasm is infectious ... 

     I suppose I see a bit of myself going through the same excitements and challenges at the time of my first home purchase. Remembering that I probably felt much the same as they do now.  What comes as second nature to me as a Mortgage Originator now, sure didn't seem to at that point in my life. I was very excited .. and terribly nervous too. 
    
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     In recent months, I've had several couples that are pairing the excitement of becoming First-Time Home Buyers with the demands of planning a Wedding.  (For additional info, view my post, "Are you a Recent Will County - Chicagoland Bride?  How to Change your Last Name Once the Wedding is Over".)   

     The newly-engaged couples have been at different stages of this momentous step though.  Some were buying prior to their wedding.  Some were going to be Closing on their new home simultaneously with their wedding.  Still others were marrying first and buying soon afterwards. 

     For many of those in the two latter categories, their "Wedding Gift Monies" were being counted on as a source of Down Payment Funds (or for Closing Costs).  If these gift monies are not handled properly, it can cause issues later, during the Underwriting portion of their Approval Process.

     Fortunately, the majority of First-Time Home Buyers planning on utilizing Wedding Gift monies for Down Payment or Closing Costs come to see me for a Mortgage Pre-Approval before they viewed homes and signed a Real Estate Contract.  That's great, as it enables me the opportunity to counsel and advise them on the correct way to "accept" Wedding Gift Monies (most often checks) before depositing them into their account(s).

     So what is the correct way to accept Wedding Gift Monies?

     The important thing to remember is:    

     Mortgage Underwriters look for "verifiable" funds and a corresponding paper trail for those funds into account(s).  

     That means that EACH and EVERY check received as a Wedding Gift and utilized as Down Payment Funds (or Closing Costs) must be copied and provided to their Lender for Underwriting purposes and viewing. 

     If deposits to accounts are made and they show on bank statements in the 60-day (or so) period Underwriter's request for viewing, and the above procedure was not followed?  A very frustrating and painstaking paper chase ensues.  

     Believe me ... it's much easier to make the copies of each check when first received, then it is to backtrack and do the required documentation later.

     It's very important to remember:   Where the monies for Down Payment and Closing Costs come from matters greatly! 

     Underwriters will demand that they actually SEE the source of the Gift Monies being deposited.  They'll want to know if the deposits meet these criteria:

  • It they "make sense" 
  • If they are logical 
  • If they fit into the pattern of normal and regular deposits made by the Borrowers  

     Large deposits are a red flag for Underwriters.  It's almost certain that they'll question them.  

     Why?  Large deposits could possibly be borrowed monies and require a repayment.  

     The logical question in an Underwriter's mind becomes:  If monies do require repayment, will it impact the recipient's Debt-to-Income Ratio?  An answer will surely be sought. 
    
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      The good news is:  Wedding Gift Monies are an allowable Down Payment source, when properly documented.   

     But:  Fannie Mae's, Freddie Mac's, FHA, VA, etc. rules must be satisfied by Mortgage Lenders and their Borrowers.

     Should YOU be an engaged couple hoping to buy a home in Chicagoland/IL/WI ... and hoping to utilize Wedding Gift Monies as all or-a-portion-of your Down Payment of Closing Funds for your home purchase, contact me NOW
(And Please:  Bring/forward a copy of your wedding announcement and/or wedding invitation to me, if actual Application for Mortgage is made.  Yes, it never hurts to include this in your mortgage documentation!)

     We'll discuss all your assets, debts, and credit so you can take advantage of the best Mortgage financing options available to you.  We'll also prepare you, and the receipt of your Wedding Gift Monies, so your Mortgage Process and Approval flow as smoothly and easily as possible.  

      That is definitely something you'll greatly appreciate when your attention should be focused on your Wedding Plans and future happiness ...





*      Hoping to Buy or Refinance a home in Chicago or elsewhere in the Chicagoland/IL/WI area?  Contact me!  I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:



Gene Mundt

Mortgage Originator - NMLS #216987 - IL Lic. #031.0006220 - WI Licensed
American Portfolio Mortgage Corp.
NMLS #175656

Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281

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Gene Mundt, Mortgage Originator, an Originator with 40+ years of mortgage experience, will offer you exemplary mortgage service and advice when seeking: Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including: The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI. 

  Referrals are Welcomed!      
           

      

    


      

     

        

      

     

     

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