Just the other day I was talking to one of my peers. She began sharing with me a story of a Florida first time homebuyer in particular that she is working with. The client who happens to be a Florida first time homebuyer is just about to close on her property. My friend a Florida mortgage broker was reviewing the file and noticed that her client had only $600 in her account and so she followed up with a phone call to inquire where the money was coming from because it needed to be documented. The clients response was since I’m a small business owner most of my sales are cash and so I figured I would just deposit it right before the closing and get a check payable to whom ever you suggested. For the remaining portion my family is giving me the cash which I will just deposit in my account as well. My friend the mortgage broker asked her client if she ever looked at the client concierge packet the assistant had emailed which indicated the specific method on how to source and season the funds as well as handle the process on receiving a gift from a family member, the client replied with “somewhat”. Being a Florida mortgage professional myself working with Florida first time homebuyers I can immediately understand what my friend was experiencing as well as the potential damage the client might have caused. Being a dedicated mortgage professional is critical in todays economic environment, more important is that Florida first time homebuyers seek a trusted professional then accept and follow the advice that is provided. Doing so will provide for a very happy closing.
Here is my advice if you are a Florida first time homebuyer:
#1. If you’re receiving a gift tell your mortgage & real estate professional, they will give you the necessary document and directions to successfully handle.
#2. If you currently have the money to close on your home and you have not had it in the bank do not deposit it, until you talk with your mortgage planner. He or she will direct you on how to successfully source the funds and or deposits.
#3. If you are planning on withdrawing money from a retirement account, please disclose this to your lender. he or she will point you in the right direction.
Communication is so vital during the loan process, if you’re working with a great mortgage and real estate professional they should have already shared with you the above information. If you have not been informed feel free to ask questions before it’s too late. This is your first home and deserve to have a wonderful mortgage experience.