Can I Use My Tax Refund to Purchase a Home?
I'D LIKE TO PUT MY TAX REFUND TOWARDS MY DOWN PAYMENT, BUT I KNOW THAT THE FUNDS FOR MY DOWN PAYMENT NEED TO BE IN MY ACCOUNT WELL BEFORE MY LOAN CLOSES. WILL THIS BE A PROBLEM?"
Typically, loan specialists require that your initial installment be "sourced and seasoned." What does that mean? Having sourced simply means that you can give a paper trail of where the cash originated from. You must be prepared to show that assets and reserve have been in your possession for a specific time allotment, typically between 60-90 days, contingent upon your loan companies underwriting policies.
The complete answer to the question about your Tax Refund as Purchase Money is Here