Watch the video above and answer the question when it's done. reveal question
Which source of funds is most likely to cause a problem as they prepare to finance their home?
- The cash in the cookie jar.
Unfortunately for Sam, selling the boat is going to be OK. The potential problem actually lies in Jessica’s cookie jar stash. All funds presented at closing must be “seasoned,” which means they should be in a bank, credit union, brokerage, or the like. Sam and Jessica will need to present up to three months of consecutive statements to show the money is theirs.
For the other funds, Sam and Jessica will need to provide documentation in the form of a gift letter from Jessica’s parents and proof of ownership, value and sale of Sam’s boat.
- The gift from Jessica's parents.
- The money from Sam's boat sale.