Hi, my name is Philip Ganz, I am a loan officer. I made this video to help you get prepared when buying a home.
IS THE STUFF IN YOUR ATTIC A HOME BUYING ASSET?
What do an Engagement ring, a car, your old baseball card collection and art have in common?
They’re all assets that can be used towards a down payment when you are purchasing a home. I’m going to tell you things you need to present to your lender so that you can correctly use these assets towards securing the purchase of your new dream home.
1. Proof. You need to prove you have had ownership of the asset.
2. Value. The value of the asset must be certified by an independent and reputable source.
3. The Transfer of ownership of the asset or the Sale of the asset. This must be documented by something such as a Bill of Sale or Receipt of Sale.
4. Proof of the receipt of the sale. You must prove you have received the money from the sale. You can prove this by providing documents such as deposit slips, bank statements or copies of the purchasers canceled check.
I hope this video was helpful. If you want to know more about this or other important information, I am here for you.