*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
When it comes to getting a mortgage, Loan Officers and Processors will document everything. We'll look to make sure that you've worked at a certain company for the stated period of time, we'll check in on how much you make each month, we'll look at the amount of time you've lived at a certain address, and we'll even check over your bank statements and gift letters to make sure that the money being used for your down payment is money that can be documented.
What if you've got a stack of cash sitting at home under your mattress waiting to be used for a down payment?
Sorry, those funds wont be able to be used for that purpose.
Each dollar used towards a down payment needs to be considered a "seasoned fund" which means that the money has been in a bank account for 60 days or more. The money towards a down payment can also come from a family member in the form of a "gift" (read more about "gifts" here.) These gifts will also need to be documented, and a letter from the lender of the money will need to say that this is a gift and it's not expected to be paid back.
If the money can be documented, there's a good chance that it can be used. If the money you'd like to use makes its way into your pockets out of nowhere, then there's a good chance that you're out of luck.
For more information on which funds can be used for the purpose of a down payment, please contact me today! I'd love to help you learn and get you started on your way towards homeownership.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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