Document and Verify Down Payment with Stocks, Bonds, 401k and IRA Brokerage Accounts<title> <meta name="description" content="verify down payment with stock, bonds, brokerage,IRA and retirement accounts"> <meta name="robots" content="all"> <meta name="distribution" content="global"> <meta name="rating" content="general"> </head> <body> <p> </p> <div align="center"> <center> <table border="0" width="75%"> <tbody> <tr> <td> <h3 align="justify"></h3> <h3><font color="#555555" face="Arial" size="3">Documenting Your Assets and Verifying Your Down Payment</font></h3> <b> <p align="justify"><font face="Arial" size="2"><a name="Stocks, Bonds, Mutual Funds, etc."><font color="#555555">Stocks, Bonds, Mutual Funds, etc.</font></a></font></p> </b> <p align="justify"><font face="Arial" size="2">Most of those who own stocks get a monthly or quarterly statement from their brokerage. You will need to supply statements for the most recent sixty or ninety days in order to document these assets.</font></p> <p align="justify"><font face="Arial" size="2">Though it is rare nowadays, some people actually have stock certificates instead of having a brokerage account. When this is the situation, make copies of the certificates and provide those copies to your lender. You might also want to supply tax records to indicate you have owned these stocks for some time.</font></p> <p align="justify"><font face="Arial" size="2">If part of your down payment will come from the sale of stocks and investments, you will need to keep all documentation that applies to the sale. Keep a copy of the check or wire used to deliver the funds to you, and a deposit receipt for wherever you deposit the funds.</font></p> <p align="justify"><font face="Arial" size="2">Provide these copies to your lender.</font></p> <b> <p align="justify"><font face="Arial" size="2"><a name="401K or Retirement Accounts"><font color="#555555">401K or Retirement Accounts</font></a></font></p> </b> <p align="justify"><font face="Arial" size="2">It is important to provide documentation about your retirement accounts or 401K programs because this is another asset you could draw upon as reserves in case of a problem. It is also another way to show you have a savings history. Just provide a copy of your most recent statement to your lender.</font></p> <p align="justify"><font face="Arial" size="2">Many people use these accounts as a source of funds for their down payment, too. Some employers allow you to "cash out" a portion of the 401K and some allow you to borrow against it. Be sure to keep copies of all paperwork involving the transaction. If they cut you a check, be sure to make a photocopy of that, too, including any receipt for deposit into your personal bank account.</font></p> <p align="justify"><font face="Arial" size="2">If you are borrowing against your 401K, some lenders will count this as an additional debt to go along with car payments, credit cards and other obligations. This may seem kind of silly because you are borrowing your own money, but from the lender's viewpoint it is still a monthly obligation that you must come up with and should be taken into account. If you are "tight" on your debt-to-income ratios in qualifying for a home loan, this could be an important consideration. It may affect whether you choose to cash out the account and pay any tax penalty, or simply borrow against it. When listing this asset as a liquid asset lenders will only count 65% of balance due to tax penalties incurred.</font></p> <p align="justify"><font face="Arial" size="2"><a title="verify bank account" href="verify-bank-acct.htm">Verify Assets in Bank Account</a></font></p> <p align="justify"><font face="Arial" size="2"><a title="verify stock brokerage" href="verify-stock-acct.htm">Verify Assets in Stock Brokerage or Retirement accounts</a></font></p> <p align="justify"><font face="Arial" size="2"><a title="verify gift funds" href="verify-gift.htm">Verify Gift</a></font></p> <p align="justify"><font face="Arial" size="2"><a title="verify personal property" href="verify-personal-property.htm">Verify Personal Property</a></font></p> <p align="justify"><font face="Arial" size="2"><a title="verify borrowed money" href="verify-borrowed-money.htm">Verify Borrowed Money</a></font></p> <p align="justify"> </p> <p align="justify"><font color="#e80000" face="Arial" size="1">copyright 2000 by Terry Light and RealEstate ABC, modified 2002</font></p> <p align="center"><font face="Verdana Ref" size="2"><br> <a href="http://www.ijumboloan.com">Home</a> </font></td> </tr> </tbody> </table> </center> </div>  </body> </html>