Home Buying in Cleveland>Question Details

Justwanttokn…, Home Buyer in Cleveland, OH

Can you use a joint savings account as proof of income for a down payment when purchasing a home if the other person is not listed on the loan?

Asked by Justwanttoknow, Cleveland, OH Thu Jan 12, 2012

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Yes, you can use the funds in a joint account as sourced down payment funds. If the other party to the account is not a party to the transaction, a letter will be required from them stating that you have 100% access to the account and funds. It's a simple procedure and very common. Ask your loan officer to draft one.
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1 vote Thank Flag Link Thu Jan 12, 2012
I know this was posted a few weeks ago, but I just noticed it. I am presuming you mean proof of assets, not proof of income.
If that is the case, then Gregorio gave you the correct answer. If you have 1 person on the loan, but a relative is on title with you, and you are using money in their account, most underwriters will ask for a gift letter for the funds that do not belong to the borrower.
0 votes Thank Flag Link Wed Feb 8, 2012
It really depends on your financing terms. Maybe the other person could co-sign?? If you are looking to buy, I would be happy to assist you in finding your new home.

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0 votes Thank Flag Link Wed Feb 8, 2012
To make sure you have the correct information, I would refer you to a loan officer with that question. Banks have so many rules, you just need to check with them. Joint accounts may be "proof" of income, per se, but since it is joint, the other person is in it for at least half, right? If you mean to show it in order to show that your pay check is directly deposited to the account, then the answer is probably "yes". You need to ask a loan officer anyway because you will probably being taking a loan, right? I can give you the name of a loan officer if you want. Just email me and I will send it to you. You don't need to work with me, etc., etc. to have me give you the information, by the way! I just don't want to put the loan officer's name out here without her permission. She doesn't mind my referrals, obviously! Good luck.

0 votes Thank Flag Link Thu Jan 12, 2012
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