If borrower is living
with family a VOR is NOT required, however if the new house payment creates a
significant payment shock we may want to see that the borrower has been
currently and actively contributing towards the maintenance and costs of where
they current live (IE: utility bills, food, etc).
We need to be sure
that they are capable of handling housing maintenance & upkeep of a house when
they did not previously pay rent.
Thanks!
Happy
Selling!
Justin Perry
Sr.
Underwriter
Gateway
Mortgage Group
1255 W. 15th Street| Ste. 540|
972-908-3390 ext. 125| 918-392-8349
eFax
9/15/2009