Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Gift funds were covered, but do funds to close and/or EMD have to be sourced/seasoned if large deposit not from payroll and not gift funds?

April 26, 2017Covered deposit EMD funds gift large payroll seasoned sourced

0

10 Posted

Gift funds were covered, but do funds to close and/or EMD have to be sourced/seasoned if large deposit not from payroll and not gift funds?

1 Answer

0

10 Posted

That could be a lender issue. Lenders are free to establish a policy beyond the minimum required by RD. Im not familiar with the acronym EMD. RD is not concerned about the source of funds to close unless it is borrowed. Then the repayment must be shown in the ratios.