- Posted January 26, 2014 by
This iReport is part of an assignment:
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Turning Your Unwanted Gifts Into a New Home
Hi My name is Philip Ganz I am a loan officer. I made this video to help you get prepared when buying a home.
What do an Engagement ring, a car, your old baseball card collection, and art have in common? They are all assets that can be used towards a down payment when purchasing your home. I am going to tell you things you need to present to your lender, so that you can correctly use these assets towards the securing the purchase of your new dream home.
Number 1. Proof. You need to prove you have ownership of the asset.
Number 2. Value. The value of the asset, must be certified by an independent and reputable source.
Number 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 a receipt of sale.
Number 4. Proof of the receipt of the sale. You must prove you received the money from the sale. You can prove this by providing documents such as deposit slips, bank statements, or copies of the purchaser's canceled check.
I hope this video was helpful! If you want to know more about this or other important information mortgage information I am here for you!- Boston Mortgage Lender & Home Loans