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Updated 6 months ago,

User Stats

10
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3
Votes
Ryan Lee
3
Votes |
10
Posts

Investment property 60 day seasoning downpayment

Ryan Lee
Posted

For conventional loans via Fannie, I know that there is a 60 day seasoning for downpayment funds for conventional loan. 

If you're receiving income from your W-2 employer, do these paycheck funds need to meet the 60 day seasoning or are these immediate/future paycheck fine to use?

For instance, say you have 90k in your bank account, which you had it for 2 past bank statements on January 1st. You receive next paycheck of $10k tomorrow on the same bank, on January 2nd and January 16th. Say you entered into contract on January 1st and escrow closing on Feb 15th. 

Does lender factor in that next paychecks(January 2nd/16th funds) so that you can use 100k or 110k(two 10k from recent/new paycheck so no 60 day seasoning) or is 90k the only funds you can use for downpayment/reserves?

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