Investment property 60 day seasoning downpayment

[Ryan Lee]

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?

[Jay Hurst]

Quote from @Ryan Lee:

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?

 @Ryan Lee   The 60 day seasoning period is really more of the max bank statements that would be required for underwriting would be 2 months of 60 days. For a conventional loan the UW will "source" all deposits on the bank statements. so, if 20k just shows up with no explanation they are going to ask for proof of where the funds came from. So, to answer your question, if it is simply a payroll deposit, that is sourced funds and you have no issue using those  funds. 

[Ryan Lee]

Quote from @Jay Hurst:

Oh ok, that is a good clarification. So, if I am receiving regular rental income, payroll deposit, and such that can be sourced, it can be immediately used and does not require the 60 day period, correct?

[Jay Hurst]

Quote from @Ryan Lee:

Quote from @Jay Hurst:

Oh ok, that is a good clarification. So, if I am receiving regular rental income, payroll deposit, and such that can be sourced, it can be immediately used and does not require the 60 day period, correct?

 correct. You can use ANY funds that can be sourced without waiting 60 days. It just cash under the mattress or something else that cannot be sourced where you have to wait.