Selling Guide

Published June 3, 2020

The Selling Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae. To begin browsing, select from any of the sections below. You may also download the entire Selling Guide in PDF format.

View All Selling Policy Updates

Download PDF

Hint: Ask in a form of a question.

For best results, pose your search like a question.

B3-4.3-18, Sale of Personal Assets (04/01/2009)

Introduction

This topic contains information on the sale of personal assets, including:

 

Sale of Personal Assets

Proceeds from the sale of personal assets are an acceptable source of funds for the down payment, closing costs, and reserves provided the individual purchasing the asset is not a party to the property sale transaction or the mortgage financing transaction.

 

Documentation Requirements

The lender must document the following:

  • The borrower’s ownership of the asset.

  • The value of the asset, as determined by an independent and reputable source.

  • The transfer of ownership of the asset, as documented by either a bill of sale or a statement from the purchaser.

  • The borrower’s receipt of the sale proceeds from documents such as deposit slips, bank statements, or copies of the purchaser’s canceled check.

Depending on the significance of the funds in question, the lender may accept alternatives to this required documentation, particularly when the proceeds of the sale represent a minor percentage of the borrower’s overall financial contribution.

Have You Tried Ask Poli?

Poli knows. Just ask.

Ask Poli features exclusive Q&As and
more—plus official Selling & Servicing
Guide
content.

Try Ask Poli

Related Articles

B3-4.3-01, Stocks, Stock Options, Bonds, and Mutual Funds (06/30/2015)

IntroductionThis topic contains information on stocks, stock options, bonds, and mutual funds. Stocks, Stock Options, Bonds, and Mutual Funds Vested...

Read more

B3-4.3-02, Trust Accounts (04/01/2009)

IntroductionThis topic contains information on trust accounts. Trust Accounts Funds disbursed from a borrower’s trust account are an acceptable source...

Read more

B3-4.3-03, Retirement Accounts (06/30/2015)

IntroductionThis topic contains information on retirement accounts. Retirement Accounts Vested funds from individual retirement accounts (IRA/SEP/Keogh...

Read more

Have guide questions? Get answers to all of your policy questions, straight from the source.

Get Started
X
Having Issues with Seeing this Page Correctly?

Use Firefox or Chrome   How to do a hard refresh in Internet Explorer
We recommend that you use the latest version of FireFox or Chrome.

Download Firefox
Download Chrome
  A hard refresh will clear the browsers cache for a specific page and force the most recent version of a page.
    Hold the Ctrl key and press the F5 key.
     

Email Us
If you still have Technical Support questions, feel free to emailAsk_Poli@fanniemae.com.