- Posted January 26, 2014 by
This iReport is part of an assignment:
- Don't Let Student Debt Stop You from Buying a Home, Maximize Your Purchasing Power
- Using Rental Income from a single family or condo to qualify for a home purchase
- Mortgage Creditor Protection A Dirty Secret of the Mortgage Industry Explained
- Mass Housing Home Loan for Condos Five Things You Need To Know
- Family Opportunity Home Loan Program for Parents of College Students
Custodial Accounts Money For Your Children Not Your Home Purchase
A Mortgage Gotcha is an item in the approval process that could jeopardize getting approved. Mortgage Gotcha Trivia Question number #1. Do you know the type of Bank account that you can not use?
If you guessed one that is not yours you guessed correctly. The most common mistake is Custodial accounts for children. You can not co-mingle your money with your children's. Even if your child gives you permission after you promised him a pony or a trip to Disneyland the answer is no!
Once the minor is emancipated - becoming an adult the account is considered his or her funds, and no longer custodial. Adults can give permission for you to use their money children can not.- Boston Mortgage Lender & Home Loans