So you’ve bought a house and now need to come up with the down payment.
The mortgage company cares where the down payment comes from and you’ll have to provide acceptable proof.
If it’s just saved funds, then you need to show them 90 days or three month statements showing no lump sum deposits that you’ve had the funds.
If there are lump sum deposits, they’ll need to see where those funds came from.
Other acceptable sources include:
- Gift from an immediate family member
- An inheritance
- A bonus from work
- Lottery winnings
- Selling a house, car, or even a boat
You’re not allowed to borrow the down payment.
The only exception is if you get another mortgage against property already owned.
You can get an equity take out mortgage there and use those borrowed funds to purchase your new home.
If you need any other tips on what down payment you can use for your house, contact Dan the Mortgage Man.
