Short on Assets or Reserves?
If you find yourself short on the assets or reserves you need to qualify, an option would be to ask a relative to add you onto his or her account which has the needed balance or history that you are lacking. For example, you need $10,000 in assets to qualify but you only have $4,000. If mom and dad have an account with at least the amount you need and would be willing, they could add your name to it as a co-signer and then your mortgage professional can order a verification of deposit from the bank, showing that the account is in your name, too. This will satisfy the reserve requirement. Be aware, though, that the lender may need a letter from the relative stating that you have total access to all of the funds in that account.
Let this most generous relative know that once the loan is funded, they won’t be able to simply remove you from the account. See my next post for details... and if you can't wait, please feel free to email me firstname.lastname@example.org and I'll tell you myself.