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| How do I document assets that were acquired from the sale of a home for an FHA Loan? |
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The net proceeds from an arms-length sale of a currently owned property may be used for the cash investment on a new house. A fully executed HUD-1 Settlement Statement must be provided as satisfactory evidence of the cash sales proceeds accruing to the borrower. If the property has not sold by the time of underwriting, FHA loan approval must be conditioned upon verifying the actual proceeds received by the borrower. The FHA lender must document both the actual sale and the sufficiency of the net proceeds required for settlement. Have Questions? Fill out a Quick Response form or (Apply Now). |
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