FHA Mortgage Lenders require a minimum cash investment from FHA mortgage applicants own funds and/or gift (no cash on hand allowed when FHA mortgage applicants uses traditional banking sources and has traditional credit history). Any deposit 1 % and greater of the sales price must be sourced and seasoned. An aggregate of deposits 1 °/o and greater of the sales price must be sourced and seasoned. Any atypical deposits and /or multiple deposits outside of regular payroll may require source and seasoning when the funds are required for closing and/or reserves as this may be excessive based on the FHA mortgage applicants history. This is regardless of the aggregate of deposits> 1 % of the sales price.
Unacceptable Sources of Retained earnings in a company, stock options, assets derived from State approved marijuana dispensary, VA education benefits (GI Assets Bill), student loans and/or grant funds, employer tuition reimbursements, unsecured borrowed funds, cash on hand, welfare benefits and Section 8 Voucher Assistance.
Refer to the FHA Mortgage Lenders Underwriting Guidelines for more information.