Got Assets?

John Easterbrook & Patty Aguon

(916) 224-7653 or (916) 833-5063Mortgage Loan Originators

Licensed – NMLS #2265555 & 994635

Information in presentation intended for real estate professionals only. Not for consumer use.

Asset Basics Evaluating assets are an important piece to

the underwriting process in residential lending: All funds being used for the good faith deposit

and closing must be documented All deposited funds must be sourced or

seasoned for 60 days

Information in presentation intended for real estate professionals only. Not for consumer use.

Is this an asset?

Information in presentation intended for real estate professionals only. Not for consumer use.

RV This is not typically an asset that we can use…but

it could be if: We had a Kelley Bluebook evaluation at the time of sale We had a bill of sale Copy of a cashier’s check Funds deposited in the borrower’s account

This is the same with rare valuables, such as a gun collection or coins.

If a hard asset is being liquidated, please talk with me for guidelines BEFORE the asset is converted to cash.

Information in presentation intended for real estate professionals only. Not for consumer use.

Is this an asset?

Information in presentation intended for real estate professionals only. Not for consumer use.

Money It can be. Cash is not an acceptable asset,

but a gift is. It can only be an asset with proper

documentation The source must be verified and it must be

from a family member.

Information in presentation intended for real estate professionals only. Not for consumer use.

Is this an asset?

Information in presentation intended for real estate professionals only. Not for consumer use.

‘Sealy Safe’ Funds No, mattress money cannot be used for

funds to close. All funds must be sourced or seasoned for a minimum of 60 days in an account.

Information in presentation intended for real estate professionals only. Not for consumer use.

Is this an asset?

Information in presentation intended for real estate professionals only. Not for consumer use.

401K YES! 401Ks can be a great source of money for a

down payment 401Ks can be liquidated (check with your tax

advisor) for available funds – ask your me what documentation is required before cashing in all or a portion of a retirement asset.

Often a 401K can be borrowed against (called a contingent liability) without the payments affecting the borrower’s debt to income ratio on most loan types.

Information in presentation intended for real estate professionals only. Not for consumer use.

Got Questions? Call me at (916) 224-7653

Information in presentation intended for real estate professionals

only. Not for consumer use. VITEK Mortgage Group is licensed by

the Department of Business Oversight under the California

Residential Mortgage Lending Act. NMLS # 37408

Thanks for playing “Got Assets”!

As always, allow me to helpput your next transaction together.