Ok guys. Get ready to show your financial underwear. The mortgage person asked us for lots of documents that we have shared with no one before. Profit loss statements for the year, proof of income, bank statements, past bank records, employee pay stubs, past tax returns, investment statements, all sorts of documents. We felt really as if the underwriters were staring at us in our underwear.
So get ready to show your financial underwear.
There are really no financial secrets that you can hide and successfully to get into the first San Diego first time homebuyer program.
Any investments that you have, any money that may have been gifted to you through inheritance, they want to see everything. So get ready to show your financial underwear.
What is their goal? It seems the objective of this humiliating process is to make sure that you meet their requirements for income versus financial obligations.
This is not only a protection of their investment in you but also a protection for you as a future homeowner. The last thing we want to do is become obligated to pay for a home that we cannot afford. This process helps protect us from ourselves in many cases. Emotions run high at times like this and our better judgement can be more easily compromised.
If you look at the literally thousands of foreclosures that happened in San Diego over the past 7 years, one thing I can guarantee; the majority of those folks never went through the first time home buyer program in San Diego.
It would have saved them from countless amounts of heartache and stress.
Now that we’re in our home looking back, it seems fair to hand over all of our personal financial information if they were going to loan us so much money; and they loaned us well over the initial 25% they promised. The amount we settled on makes it easy for us to keep making regular payments on our primary loan. The cool thing is that in the San Diego first time home buyers program, they do not require any payments on the money they loan to you. That means not even one payment towards the loan starts until after 30 years. So if I were you, I’d get ready to show your financial underwear.