As a lender, if I see someone with half a dozen accounts for minor purposes, it tells me they can't manage their money, they are willing to pay more for accounting services due to multiple accounts (another poor money management aspect) and it makes more work for me getting verifications of all the small accounts and computing your financial position.Hope that made cense.

Originally posted by Greg Hall: While the 90-day rule itself is not in effect, most investors(by investors I mean the purchasers of the loans be FHA,VA or USDA) make it extremely difficult by requiring 2 appraisals, list of repairs and improvements or even in one Mortgage Brokers case would not even allow the property to be under contract prior to 90 daysBased on FHA guidelines in place since February 2010, this additional verification of value (second appraisal, list of repairs, etc) is in place for 6 months, not just 90 days.

Hi @Taylor Jennings you know me, and you know that my goals are nearly identical to yours.

I recently sold a property for which I sold the identical property right next door 5 years ago at the peak of the market.

In my case a previous landlord had signed an "affidavit for verification of rental" or something similar.

Larry, very interesting post since this is almost identical to what I'm considering doing.

The note should not address these issues as it would likely duplicate the issues and if not identically addressed, could cause confusion as to any right to cure.

With the proper identity docs from the State of Texas (see #2), there is no reason you would need witnesses.  

A seller's verification of payments will not be acceptable in loan applications as the seller has a vested interest in giving any indication of the contract being paid as agreed. 

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