Posted by Rob Blake on January 21, 2000 at 01:02:48:
Bank qualifying stinks! I know that my background. The rule is your investment in the purchase…10% down whatever, has to be either in your account or proved to be yours one way or the other. The usual way they prove this is 2 months bank statements, if its not there, you don’t qualify. However, all you really need to do is show you have the money, just not in the bank…maybe you have a IRA or 401K statement thats got 5k or a stock account, tax refund or even a car your going to sell. As long as you document the sale of the asset, you’re still in the game.
If you have none of the above, grab a relative that does and make him a partner, just to get the deal done.