\nSufficient Liquid Assets<\/strong><\/p>\n\n- \n
Assets must cover the loan amount, taxes, insurance, and other housing expenses for a set period (typically 60 months or more, depending on guidelines).<\/p>\n<\/li>\n
- \n
Acceptable sources:<\/p>\n
\n- \n
Checking\/Savings accounts<\/p>\n<\/li>\n
- \n
Stocks, Bonds, Mutual Funds<\/p>\n<\/li>\n
- \n
Retirement accounts (subject to age and withdrawal rules)<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n
- \n
Asset Seasoning<\/strong><\/p>\n\n- \n
Most programs require assets to be seasoned for at least 60 days<\/strong>, some require 12 months<\/p>\n<\/li>\n- \n
Proof of ownership and account statements showing consistent asset levels<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- \n
Asset Verification Documents<\/strong><\/p>\n\n- \n
Most recent 2\u20133 months of account statements<\/strong><\/p>\n<\/li>\n- \n
Statements must show asset value and account holder name<\/p>\n<\/li>\n
- \n
If retirement assets are used, proof of access or distribution terms<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- \n
Credit Score<\/strong><\/p>\n\n- \n
Typically 620+<\/strong>, though some lenders may require 660+<\/strong><\/p>\n<\/li>\n- \n
Better credit may allow for more flexible terms or lower down payment<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- \n
Minimum Loan Amount<\/strong><\/p>\n\n- \n
Often $100,000 or higher<\/strong> (varies by lender)<\/p>\n<\/li>\n<\/ul>\n<\/li>\n- \n
Property Appraisal<\/strong><\/p>\n\n- \n
Standard full interior appraisal required<\/p>\n<\/li>\n
- \n
Loan-to-value (LTV) limits apply (usually up to 75%-80%)<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- \n
Purpose of Loan<\/strong><\/p>\n\n- \n
Purchase, Rate\/Term Refinance, or Cash-Out Refinance<\/p>\n<\/li>\n
- \n
Property must be residential (Primary, Second Home, or Investment)<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- \n
Loan Application & Disclosures<\/strong><\/p>\n