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The Case Of The Unusable Down Payment
Which source of funds is most likely to cause a problem as they prepare to finance their home?
Incorrect
Correct!
Unfortunately for Sam, selling the boat is going to be OK. The potential problem actually lies in Jessica’s cookie jar stash. All funds presented at closing must be “seasoned,” which means they should be in a bank, credit union, brokerage, or the like. Sam and Jessica will need to present up to three months of consecutive statements to show the money is theirs.
For the other funds, Sam and Jessica will need to provide documentation in the form of a gift letter from Jessica’s parents and proof of ownership, value and sale of Sam’s boat.
Incorrect!
Next Step
Get Pre-Approved
Getting pre-approved is the first step in buying a home. By getting pre-approved, you can:
- Focus on your home search, knowing your financing is in Poli’s expert hands.
- Find out exactly what home price you qualify for and shop with comfort
- Improve your chances for homebuying success, since sellers heavily favor offers with pre-approvals from reputable lenders.
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