Home Buying in 19054>Question Details

juvenava, Home Buyer in Levittown, PA

Can you use borrowed funds from your pension/retirement account for your down payment? Does the bank accept that?

Asked by juvenava, Levittown, PA Thu Feb 7, 2013

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Answers

7
You can use moved funds from your pension/retirement account. As long as there is a money trail and you have the money going from that account, into a checking/savings account that will be used to pay. Getting money "gifted" is an option, but is not necessary in this instance since it is your money.
0 votes Thank Flag Link Wed May 1, 2013
Ask a professional mortgage lender to get the best answer. I have a few lenders that I work with that I could refer you to.
0 votes Thank Flag Link Wed Feb 27, 2013
This is a great question to ask your mortgage rep. My best answer is to move the money to a trusted family member and have it "Gifted" to you. Your real estate agent should provide you with a gift letter for the down payment.

Ann at Weichert Yardley
(215) 622-5070
info@realtormcguire.com
http://www.RealtorMcGuire.com
0 votes Thank Flag Link Fri Feb 8, 2013
You can, but if you have a repayment of those funds, the payment counts against you. Ask your loan offcier who can guide you.
0 votes Thank Flag Link Fri Feb 8, 2013
I would say yes with caution. A couple of things, check with your pension/retirement account to
see what their parimeters allow. Then check with your Mortgage Broker to see the mechanics
of how it works. In other words check it out thoroughly before you get your hopes up.

Kind Regards,
Marylou Mass
Associate Broker
Prudential Fox Roach Reators,
Yardley, PA
0 votes Thank Flag Link Fri Feb 8, 2013
Hello Juvenava,

Michael ios correct. Yes you can. However the monthly debt repayment will be counted against you in qualifying you for the loan.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes Thank Flag Link Thu Feb 7, 2013
Yes you can. You must qualify including the repayment plan to yourself and you must show the paper trail of the withdraw from the retirement funds as well as the deposit into your account to use towards closing.

Michael Torres
RE/MAX Reliance
Direct: 215-275-2009
http://www.MovingInMontco.com
0 votes Thank Flag Link Thu Feb 7, 2013
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