Quick Story, from when we bought our house about 6 months ago. We had sold our last house during the housing boom, and had been renting a house until last year. Our lease was up, so we decided it was a good time to buy. We gave notice, and agreed on a move out date, and closing date for our new house. Things turned out to be very tight, and we would be "Homeless" for a week. Our belongings where loaded onto three large Rented trucks, and parked a a secure location while we stayed with close friends.
So we are, pre approved, great incomes, steady work history, etc. It's our third house, so it was not our first rodeo. My entire family is in the real-estate business, and my wife's is a attorney, so we had all the paperwork down to a science. That same week of closing we get a call.
First - They need more proof that we paid our federal Taxes. CPA records, canceled checks, tax copies did not satisfy them! WTF!
So I called the IRS, they could not locate our Tax records, and told us it would be a long process to find them, would not happen that week. So, I called my congress man's office, and magically after a face to face meeting with the IRS - they where able to find our taxes. And with a stamped letter from the IRS, the Underwriter was happy.
Next thing that happen was that my father had decided to give us some money towards the house. We knew that if he did this, we would need paper trail, that would satisfy the Underwriter. So a few weeks earlier I meet with the Underwriter, and received a list of items to satisfy him, canceled checks, signed pappers from my father, bank account numbers etc. We get all this done, and now we are looking forward to the closing.
The next day, my father has a heart attack, (Dad's fine, thanks for asking) So I travel to Houston to be with day, It was a very minor attack and he came thru it with no damage to his heart, and was going to be spending the next week at the Hospital for tests.
The next day I get a call from the Underwriter, He wants my dad to go down to the bank, and get affidavits from the bank manager to prove that I did not launder the money thru my dad's account. I said, there was no way in Hell, my Dad was in the hospital, and why didn't he tell me this last week when I asked him about the "Gift" paperwork he needed.
At that point, I was ready to walk on the house, and tell everyone to go to hell. We had no place to live, our stuff in u-haul trucks, and wearing out our welcome at our friends house. That afternoon, I had a meeting with both my real-estate agent, and mortgage broker, and told them I was walking. Well, magically the next morning I got a call that all the paperwork was fine, and the closing was scheduled for Friday.
When we got to the closing the next day, I told the closing agent about our week, and she said it like this all over and the mortgage industry is just crazy right now.
SO GOOD LUCK!!!
art