Jul 19 2016 20477 1

Dated: 07/19/2016

Views: 654

Do you know…… 


That we can use secured borrowed funds as a down payment source?


If your client doesn’t have the cash and/or doesn’t want to liquidate his positions for down payment funds, most programs allow the buyer to use “secured” borrowed funds. Secured implies that the loan is tied to an asset that the customer owns. This can be from their asset positions, trust funds, retirement funds (including 401k), life insurance policies and real estate. We need to document the terms of the secured loan and provide a paper trail of the funds to the borrower. However, we do not need to include the monthly payments if the funds come from financial assets like brokerage accounts—which really helps people qualify for a home.

This information come from my friend

Joel Richardson

Sr Loan Officer & Branch Manager

NMLS#: 136881


Phone: (512) 637-0932

Mobile: (512) 203-8244

Fax: (866) 908-7152

Blog author image

Anita Spadaro

Born and raised in New York State and having relocated to Canton, Ohio, Dallas, Texas and settling in Austin, Texas in 1992, Anita is the best Realtor for anyone making a move. “I have relocated wi....

Want to Advertise on this Site?

Latest Blog Posts

Kids Opinions Matter When Buying A Home

 Parents Say Kids’ Opinions Matter Big When Buying a HomeA recent survey conducted by Harris Poll and released by SunTrust Mortgage found that “55% of

Read More

4 Steps To Follow When Presenting An Offer In Todays Market

 4 Steps to Follow When Presenting an Offer in Today’s Market!So, you’ve been searching for that perfect house to call a ‘home,’ and you’ve finally found it! The price is right, and

Read More

4 Reasons Why Summer Is A Great Time To Buy A Home

 4 Reasons Why Summer Is a Great Time to Buy a Home!Here are four great reasons to consider buying a home today instead of waiting.1. Prices Will Continue to RiseCoreLogic’s latest 

Read More

Real Estate Tops Best Investment Poll For 5th Year Running

 Real Estate Tops Best Investment Poll for 5th Year RunningEvery year, Gallup surveys Americans to determine their choice for the best long-term investment. Respondents are given

Read More