We are required to verify that all assets used for closing are from acceptable sources and that are under your personal control. There are times that some assets cannot be used toward a down payment on a home. Here are some examples:
- Recent large unsourced deposits
- Assets that are held in a retirement account that are not being liquidated
- Typically cash on hand or recently deposited cash cannot be used
- Business account assets are allowed on a case by case basis
If you have additional questions on assets for closing, we recommend that you speak directly to one of our consultants.