I'm at the final stages of my VA cash out refinance and the lender is requesting a use of funds letter. I understand why they would need this of course but when I told the mortgage broker that I wanted to use the funds to invest in more real estate, he suggested I don't tell that to the underwriter.
I don't know what to put in the letter because I don't want to be untruthful or unethical. Can you share your experience with me or give any advice as to what I should do? Does anyone have a use or funds letter template or example they could share with me?
Lender · Long Beach, CA · Member since 2013 · 496 posts · 296 votes
5y
You should be ok with "future investments and reserves." No template needed, just write the letter out in Word, make sure property address and loan number is there somewhere, write your text and sign and date it.
You should be ok with "future investments and reserves." No template needed, just write the letter out in Word, make sure property address and loan number is there somewhere, write your text and sign and date it.
Ok I'll give that a shot and post the outcome. Thanks!