Zillow Advice: Mortgage - Seasoned funds & self-employed/business owner http://www.zillow.com/advice-thread/Seasoned-funds-self-employed-business-owner/470573/ Zillow Advice | Zillow Real Estate Mike,Great question, if Chris ... http://www.zillow.com/advice-thread/Seasoned-funds-self-employed-business-owner/470573/ <p>Mike,<br/><br/>Great question, if Chris does not mind I would like to add to this thread.&nbsp; A borrower is able to use his business assets if the borrower owns 100% of the business.&nbsp; 2 months statements must be submitted.&nbsp; The lowest ending balance of either statement provided will be allowed for funds to close.&nbsp; It would also be a good idea that&nbsp;a letter from the accountant stating that the borrower has access to the fund for the withdrawal and that the withdrawal of the funds will not have a detrimmental effect of the business is required.&nbsp;<br/><br/>If you have a large deposits&nbsp;in your business account and it is a norm to have such amounts the underwriter will not question.&nbsp; &nbsp;&nbsp;&nbsp;</p> Thu, 06 Dec 2012 20:20:00 GMT http://www.zillow.com/advice-thread/Seasoned-funds-self-employed-business-owner/470573/ 2012-12-06T20:20:00Z Hello Chris. &nbsp;Mike and ... http://www.zillow.com/advice-thread/Seasoned-funds-self-employed-business-owner/470573/ Hello Chris. &nbsp;Mike and Geofrey are giving you very good answers.&nbsp; Hopefully you will consider contacting them. Fri, 07 Dec 2012 12:24:00 GMT http://www.zillow.com/advice-thread/Seasoned-funds-self-employed-business-owner/470573/ 2012-12-07T12:24:00Z Geofrey,Thanks for the answer. ... http://www.zillow.com/advice-thread/Seasoned-funds-self-employed-business-owner/470573/ Geofrey,<br/><br/>Thanks for the answer. The business is 100% owned by both borrowers (husband &amp; wife).&nbsp;Interesting&nbsp;about using the lowest end of month balance, good to know. Thanks again. Thu, 06 Dec 2012 22:18:00 GMT http://www.zillow.com/advice-thread/Seasoned-funds-self-employed-business-owner/470573/ 2012-12-06T22:18:00Z Hi Chris, thanks for the ... http://www.zillow.com/advice-thread/Seasoned-funds-self-employed-business-owner/470573/ Hi Chris, thanks for the reply.<br/><br/>We do have a separate business bank account from our personal but the truth is, we do use the business account for personal needs from time to time and then in QuickBooks we just classify the transaction as an "owner's draw".<br/><br/>To be a little more clear on the situation...I have a client that I am finishing up a project for and they will pay me $5,000, payable to the business. After I deposit the check, I can transfer the money to my personal account.<br/><br/>Will those funds in my account be counted toward the down payment funds or will they said they can't count those&nbsp;because&nbsp;they are too new?<br/><br/>From what I've read until now, any big deposits have to be explained and may not be "counted" as they could be a loan from someone. It either has to be a gift or has to be older than 2 months. But what about in the case of the above scenario?&nbsp;<br/> Thu, 06 Dec 2012 19:59:00 GMT http://www.zillow.com/advice-thread/Seasoned-funds-self-employed-business-owner/470573/ 2012-12-06T19:59:00Z Hello and Thank you for posting ... http://www.zillow.com/advice-thread/Seasoned-funds-self-employed-business-owner/470573/ Hello and Thank you for posting your questions.<br/><br/>Generally speaking yes most loan programs like to see money that has at least 2 months seasoning. &nbsp;Your post refers to business funds to use as seasoned assets. &nbsp;<br/><br/>I think that they may consider it if they allow you to use your business funds as assets for your loan. &nbsp;Most place I know this would be an exception. &nbsp;Even as a self employed individual most lenders expect you to maintain a&nbsp;separate&nbsp;checking and savings&nbsp;account.<br/><br/>I hope this helps...<br/><br/>Chris Perez - Real Estate Finance - San Francisco, CA&nbsp; Thu, 06 Dec 2012 18:13:00 GMT http://www.zillow.com/advice-thread/Seasoned-funds-self-employed-business-owner/470573/ 2012-12-06T18:13:00Z