October 2014
What is a Sourced Deposit?
When applying for a mortgage loan, you may be asked to explain cash deposits on your bank statements, especially if they are non-payroll deposits over $100. The underwriter requires “source documents” for each of these transactions. But what exactly are source documents? These documents are ...
USDA Preliminary Approval Process
The USDA Guaranteed 502 Program is an excellent loan for any individual interested in a home purchase. It allows for minimal out of pocket cost and helps people obtain property in a manner unlike any other mortgage program. Society Mortgage is a leader in this ...
How to Get a Mortgage Pre Approval and How Many?
Thinking about buying a home can be really exciting, but it also comes with lots of information and right decisions. One of the first things you’ll need to do is get something called a mortgage preapproval. But what exactly is that? Before you jump into ...
UDSA & FHA Septic And Well Distance Requirements
Who Is In Charge Of The Septic and Well Requirements? An inspector from the local health department or a laboratory certified by the state takes water samples for testing. State laboratories performing analyses of drinking water compliance samples must meet the minimum criteria established by ...