What money can be used to pay for closing costs etc. when purchasing a house?

Asked by Icehouse42, 46304 Sat Feb 9, 2013

I live in Indiana. I have some seasoned money in my bank account. My question. If I receive a income tax check back from the government or receive an annual bonus on my pay check,can that be considered seasoned if it can be proven where I received it?

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Jeff and Kaye…, Agent, Colorado Springs, CO
Sat Feb 9, 2013
You can absolutely use those funds. Just remember to keep a paper trail (all written evidence), of all of those funds. You need to have verifiable proof of where the funds came from and that they are your funds. The mortgage company is concerned about funds to that they know they did not come from a loan that was not disclosed.
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The 2 Mortga…, Mortgage Broker Or Lender, Kokomo, IN
Sat Feb 9, 2013
tax refunds or bonus' are both ok to use as a source of a down payment, the underwriter will confirm via your tax returns or a pay check to prove where it cam from. If you have any additional questions let us know. http://www.the2mortgageguys.com
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Christine Mc…, Agent, Valparaiso, IN
Sat Feb 9, 2013
Yes. As you stated you simply have to show the transfer.
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