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Why does Fannie Mae need to know where you received your money

Answered by:Lady Themis
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Why does Fannie Mae need to know where you received your money for a down payment on a house?

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Submitted: 720 days and 7 hours ago.

Category: General

Value: $18

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Expert: Lady Themis replied 720 days and 7 hours ago.

Thank you for your question.

Fannie Mae wants to know that your down payment is sourced and seasoned. First, knowing that the down payment is coming from you helps guarantee that you will have sufficient assets or income to repay the loan in the future. Secondly, if the money for the down payment is coming from you, you will have a greater stake in the loan and are less likely to default.

Expert Type	Internet Researcher
Category:	General
Pos. Feedback:	95.5 %
Accepts:	67
Answered:	5/26/2011

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Customer replied 720 days and 7 hours ago.

How much of a bonus would you like?

Expert: Lady Themis replied 720 days and 7 hours ago.

Thank you for accepting. I do not ask for a bonus, although you are free to leave one.

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