Why does Fannie Mae need to know where you received your money for a down payment on a house?
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.
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