Selling Guide

Published December 16, 2020

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What is required when using proceeds from the sale of a home in the loan transaction?

Sales Proceeds Needed for Down Payment and Closing Costs

If the proceeds from the sale of a currently owned home are needed for the down payment and closing costs on the new house, the lender must verify the source of funds by obtaining a copy of the settlement statement on the existing home before, or simultaneously with, the settlement on the new home, showing sufficient net cash proceeds to consummate the purchase of the new home. 

For additional information, see B3-4.3-10, Anticipated Sales Proceeds 

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