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SeccoTech

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Income from side-business used to pay closing costs?
Does income from my side-business, sole proprietorship, need to be aged to pay for closing costs?

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When it comes to cash brought to the closing, it's all about sourcing HOW you paid it.  If you pay from a business account, you'll need to provide at least 60 days of bank statement for that account, and source any large deposits made in those 60 days.  Wtih a business account, be prepared to show that you are the sole proprietor and provide any invoices you issued to prove deposit amounts.  What the underwriter will be looking for here is that you used YOUR money for the closing.  They want to make you didn't take on additional debt to pay closing costs or the down payment.  (FYI, I've been in mortgage origination for over 15 years)

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