Dallas or Shane or anyone who may know this:
I am planning to take a loan from my 401k for a downpayment (vested balance of about $26,000). I will have about $3,000 in my savings account over the next couple of months or so.
If I'm using 401k funds for the downpayment, do I still need to provide bank statements? If so, do I need to provide those at application and therefore should wait until I have more money in the savings account to show an actual asset?
Also, I am listed as a joint account holder on my daughter's checking/savings account (she was a minor when it was opened). She has about $2,500 in her savings account, but it is her money. Do I have to include her account as an asset since it is really not my money? (She is in my household, but it is her savings from working.) If I have to list her account, would it be acceptable to request a VOD for that account only as she has utilized the overdraft protection from savings to checking at least once on the last statement?
Sorry for all the questions and thanks in advance for any assistance. I've been a silent reader for some time - hope I can contribute my own experiences soon!
