Revealig my assets

The best answer is Yes. Even if the funds in the non-disclosed account(s) are not needed to facilitate the closing (or establishing reserves). If you were to find yourself in financial trouble later on, resulting in a foreclosure, etc. I would hate for you to be subject to criminal prosecution for fraud because you hid or failed to disclose material facts on your application. These days the banks and the Feds are looking at just about anything to hang a defaulted borrower with. If you were my client, my advice would be to go ahead and disclose the accounts. Better safe than sorry.

Cheryl; You want to show as strong of a file as possible, not just enough to cover your cash to close and reserves. Many borrowers (and LO's) think that if they show an abundance of assets, the lender may require more of a down payment. In fact, the opposite is true. If you are only showing six months reserves for instance, it is a much weaker file that if you are showing 100 months reserves. The bank will see that you have a "fallback" position if something happens to your stream of income.

Cheryl,

Cheryl, A lot of these responses could be qualified. If it is a refinance and your loan is currently held by Fannie, Freddie, FHA, VA then you should not have to have assets unless you need to qualify for MI on a conventional loan. If it is a purchase we have to source and season down payments. Call me if you want to discuss at length.Brad Cahoone - 972-724-3222x227-bcahoone@globalhomefinance.com - NMLS ID 184176- globalhomefinance.com - Global Home Finance NMLS ID - 316441