What does documenting assets mean & what is considered assets?


Well first of all “assets” are any of the following:


1. Checking account or Savings account funds

2. Any & all Financial Accounts such as Money Markets, CD’s, Stocks, Bonds etc.

3. 401K or Retirement funds that are available to borrow against

4. Gift Funds


Lenders require the assets to be sourced and seasoned.  What does this mean?  It means that we must verify that the funds have been in these accounts for at least 60 days and we have to source where all of the funds come from.  For example, if the money is a gift, then we will need proof of where the funds from the gifter came from or make sure that the funds are already in your personal account.

In regards to 401K funds, we only allow 60% of the funds to be used for down payment, since this is a loan against your retirement funds, the loan is not counted against your debt ratio.

We can make this an easy process to make sure when we get down to funding your loan these issues have been handled.




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