I live in Indiana. I have some seasoned money in my bank account. My question. If I receive a income tax check back from the government or receive an annual bonus on my pay check,can that be considered seasoned if it can be proven where I received it? by Icehou_129_819 from Valparaiso, Indiana. Feb 9th 2013
Negotiating a closing cost credit from the Seller within your offer and/or sales agreement would be an ideal way to eliminate the concern about the closing costs being seasoned. You would still need to be concerned with having funds for closing costs. Depending on the loan program, closing costs can be all gift. Typically, deposits in excess of $1,000 must be documented if they are not regular deposits, such as those from payroll direct deposits. If you'd like more direct information, I'd be happy to work with you! Enjoy the day!
Yes it can. Call my TEAM here in Crown Point and we can walk you through all the steps to get you in a home before FHA increases their premiums in a couple months. 219-662-0166 x21
Yes, this is your money and with documentation is an acceptable source of funds. The down payment needs to be your money (some or all of this money can be gift money from family depending on the loan program). The closing costs and the escrow pre-pairs, and interest collected at closing can all be paid by a seller credit and/or lender credit (by taking a higher interest rate, than the going rate). A professional mortgage advisor can provide you with greater detail specific to your scenario.
Also, when purchasing - if you do go FHA, the Seller can contribute more (up to 6%); versus 3.0% if you go Conventional financing. I had a young couple - and they closed for FREE - the Seller paid ALL of their closing costs AND they had $100 left over to get their carpets cleaned / all they came in with was their 3.50% downpayment! / Call me with any questions / Jeff Albrecht / 512-381-4643 / Mortgage Banker / PrimeLending /
Though technically not "seasoned money", it comes from an acceptable and verifiable source. Use it. Enjoy your new home.
You can use as source of funds as long as you have documentation of where the funds came from.
All these can be used for monies to purchase a home. Just document it. As for the closing costs money, that is a really another question as you can use these monies you spoke of using but the seller generally pays for the closing costs in MOST cases. If they will pay for the closing costs those monies can pay for everything except the down payment requirements like the 3.5% required on a FHA loans.
Any legitimate source is just that, legitimate. While it is much easier and cleaner to simply look at your last two months bank statements and see all the money sitting there, many people, especially this time of year, use things like tax refunds for down payment that showed up at the last minute. We may make you jump though a hoop or two to document the source - but again, anything legitimate is not a concern. Your tax refund and bonus are just fine! www.MNHomesandLoans.com
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