Detroit Real Estate

I know you all have heard of wedding problems, but what about a wedding problems after the wedding?  About a year ago one of my clients had a major mortgage issue shortly after their wedding.

They had gotten married a month before and deposited all their wedding checks into their bank account.  They were going to use their wedding money for their down payment on their new home.

But little did they know that banks and lenders want to know where your money comes from.  Wedding checks from your wedding guests are next to impossible to prove where they all came from.  The banks are very strict on following the money from the source, proving that the check cleared the givers bank, seeing a copy of the check, and seeing the giver's account statement.  The bank will not close the mortgage without that information.  The problem with wedding checks is that you would have to ask all your guests to provide their account statements.  

If only the underwriters and the banks would use common sense.  If they would accept your wedding license, a copy of the wedding checks, and your bank statement.  Unfortunately the bank won't do that.

My clients ended up having to get the money from their parents.  Because then they could do a gift letter, get their parents bank account statement showing the check cleared, and show the check.  The bank accepted that.  My clients got their home after a two week delay.

So if you are going to use wedding checks be sure to have them in your bank account for at least two months before you start looking for a home. 

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