Jul 19 2016 20477 1

Dated: 07/19/2016

Views: 667

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

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