freddie mac business assets for down payment

The statements must cover the most recent full two-month period of account activity (60 days, or, if account information is reported on a quarterly basis, the most recent quarter). The number of required bank or investment portfolio statements varies per transaction type as shown in the following table. (See B3-4.3-03, Retirement Accounts, for additional information.) They must be the most recent statements, and they must identify the borrower’s vested amount and the terms. The printout or alternative verification is acceptable as long as all required data (above) is supplied and documented.Ĭopies of retirement account statements. If the lender is the holder of the borrower's account, the lender may produce a printout or other alternative verification of the asset(s) directly from its system. Include all purchase and sale transactions (for financial portfolio accounts), and Include all deposits and withdrawal transactions (for depository accounts), Include the time period covered by the statement, Include at least the last four digits of the account number, All statements must:Ĭlearly identify the financial institution,Ĭlearly identify the borrower as the account holder, The information must be requested directly from the depository institution, and the complete, signed, and dated document must be sent directly from the depository institution.Ĭopies of bank statements or investment portfolio statements. Request for Verification of Deposit ( Form 1006 or Form 1006(S)).

The lender can use any of the following types of documentation to verify that a borrower has sufficient funds for closing, down payment, and/or financial reserves:

Freddie mac business assets for down payment