How do Late Payments effect my ability to get a loan?


Joe Niece

American Mortgage and Equity Consultants, Inc

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Things to know when you are gathering your documents for your loan.


  1. Statements

  1. You must include all pages front and back even if they are blank

  2. If you have a transaction printout it needs to have the url printed on each page if you get it online. If you get it from the bank, it must be signed/stamped on each page.

  3. If you look at the printout above, item b,  it has the url at the bottom of the page and says there are three pages.  If either of these are missing, the document will be rejected.

  4. The following is from a bank statement, the xxx would be a real account number.  As you see, if you do not have 9 pages in the pdf, then the statement would be rejected

  5. If you look at the bank printout below, it will need to have name, account number, balances, number of pages as well as being stamped by the teller.  We see that the statement below is from John A Doe account number would be where the xxxxxxxxx

  6. You will be asked about every deposit that is on your account.  99.999% of the time, underwriting will not allow any money that was deposited in cash or that you can not document.  Examples of things that will be rejected:

i. Cash deposits

ii. Check deposits from selling stuff that you do not have a signed receipt and contact info from the buyer.(it still may be denied even with this documentation)

iii. Deposits that you can not document.

If you have 5,000 dollars in your account and you have three 700 dollar cash deposits from your roommate, they may not allow 2,100 dollars so you will only have 2,900 dollars that you can use towards your down payment and closing costs.


The Loan Process

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What you must know about Proper Document Collection

How to get Down Payment Assistance

What Type of First Time Home Buyer Loans and First Time Home Buyer Programs are there?

How do I lock my loan?

Loan Programs

Renovation Loan Programs

What Type of Construction Loans are there?

HELOC's and Second Mortgages

Buying a Vacation or Second Home

Who Qualifies for a HARP Refinance?

What is a Reverse Mortgage? What are the different types of Reverse Mortgages?

How can my credit help or hurt me when getting a loan?

How accurate are scores from Credit Karma, Experian, Transunion and Equifax when applying for a mortgage?

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How do Credit Card balances change my credit scores?

How does Bankruptcy, Foreclosure, Short Sale, Judgements and Collections effect me when getting a loan?

What is an Extenuating Circumstance when getting an FHA Loan?

What is an Extenuating Circumstance when getting an VA Loan?

What is an Extenuating Circumstance when getting a Conventional Loan?

What are the waiting periods after a Bankruptcy for getting a loan?

What are the waiting periods after a Foreclosure or Deed in Lieu for getting a loan?

How to get Tax Transcripts from the IRS?