Acceptable Sources Of Reserves. The lender is happy if you happen to have the required reserve in cash. For a lot of borrowers this is a high bar after a down payment and closing costs.
The good news is that lenders see liquid assets as anything that can be quickly converted into cash including stocks, bonds, mutual funds, the cash value of an insurance policy, accessible retirement funds, and certificates of deposit. Alternatively, there are some things which may look like liquid assets, but dont count toward reserves, including borrowed money, money from a cash-out real estate settlement, incidental cash from a real cash advance richmond virginia closing, and real estate equity.
A Twist On Borrowed Funds. At some point, the line between borrowed funds and liquid assets begins to blur. For instance, if you took out a five-year personal loan a year ago, and deposited the proceeds into your savings account, how long do you have to separate it from savings when listing your assets and debts. The answer is usually two or three months.
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