What Sources Can I Use For My Mortgage Down Payment?Feb 25 2013
By: Nicole Gates
There are many things you can use for your down payment when applying for a mortgage. Some of the most common payment sources include the following:
- Keogh Plans
- Trust Accounts
- Cash Value of Life Insurance Policy
However, you must keep in mind that down payment requirements differ slightly depending on the lender your mortgage goes to (Fannie Mae, Freddie Mac and FHA). Most of the above payment sources are acceptable to all three lenders, but there are a few differences.
To see all the specialty down payment allowances by each of these lenders, check out our Resources article explaining all acceptable sources for your mortgage down payment.