deposit on contract: Seasoning Funds for a purchase
- 05/19/10 05:37 PM
This is the biggest issue that faces First Time Home Buyers in our area. There are many people working off the books and what looks like an easy deal can turn into a nightmare fast if the downpayment is put down without someone looking at the account they are using to check for large deposits. To avoid this issue you should have your buyers go over their bank statements with their loan officer to make sure that you won't have an issue. If there is a deposit that is large and not consistant with their income you have to show where … (5 comments)
This is the biggest issue that faces First Time Home Buyers in our area. There are many people working off the books and what looks like an easy deal can turn into a nightmare fast if the downpayment is put down without someone looking at the account they are using to check for large deposits.
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