f. Documentation Guidelines for Assets

Refer to the following table for documentation guidelines for assets.

Subject and Reference

Documentation Classification

Documentation Guidelines and Reductions for Refer

Additional Documentation Reductions for Accept/Approve

Verify closing costs (section 4 subsection a of this chapter)

Verify veteran’s source of funds for payment of any difference between sales price and loan amount plus closing costs, if sales price exceeds reasonable value established by the Notice of Value (NOV).

No verification of veteran’s source of funds is required if closing costs plus difference between the sales price of the property and the base loan amount is <4% of the lesser of the following:

·   Sales price

·   Reasonable value established by a [ ] NOV.

Verify assets to close in applicant’s name (section 4 of this chapter)

Provide original bank statements or certified true copies covering the most recent 2 month period in lieu of a Verification of Deposit (VOD).

Provide original bank statements or certified true copies covering most recent 1 month period in lieu of a VOD.