You might be able to write a note on the statement but a LOE is an affidavit that needs to be signed and dated. It becomes a legal document. Your MC will actually provide a template to follow so if you just write them up and save them on your computer and they need to be reformatted it’s no big deal. Plus there might be times when you need to update the loe with new more current dates of signature.
Also keep in mind this is to get qualified only. The requirement is to maintain this until you close on your house.
Cashapp is actually not recommended to use at all. It’s recommended to stop the use of all app based transactions and all cash based transactions. The idea is your total financial picture needs to be as close to 100% traceable as possible. That means credit and debit cards for everything. Obviously this is not a realistic requirement which is why it’s not required. But if you must use an app make sure it’s fully traceable with the ability to print out transaction summaries from a computer with the http address as a header or footer. Screen shots are not accepted. If you must use cash make sure it’s small amounts.
Fyi this is not a naca requirement. This is the federal government requiring banks who issue mortgage loans to follow these guidelines.
This reply was modified 2 years, 2 months ago by Nelsont.