Documenting Assets

“Paper trail” = source monthly statement, screen shot of transferring out, copy of check, destination monthly statement, screen shot of transferring in, 

Down Payment:  cannot be borrowed, but can be gifted (guidelines apply)

Liquid assets: checking, savings, money market

Non-liquid Assets: stocks, mutual funds, CD’s, etc. these need to be liquidated and funds deposited into “liquid” accounts.

Large deposits:   explain with letter and document with source of funds,

On-line print outs:  need to show account number and owner names and all detailed transactions since last monthly statement

Bringing checks to close?  Funds must be drawn from a qualified account which was documented in underwriting.  If drawing from multiple accounts, all accounts must be documented. Also, if consolidating funds prior to withdrawing them, documentation must be provided which paper trails the movement of funds.