Your best option would be to talk to your local CU/bank/investment firm that you do business with. See what type of portfolio program they have.
@MattH wrote:
@Anonymous wrote:So I have about 130,00 dollars to put down on a home and a mid score of 719 but I have a very very short credit history an a very short job history so I'm having a tough time getting qualified.
I was wondering if I could use my trust fund as leverage to help me get a loan. I wont be getting any of the money until im in my mid 30's (im 21 now)
For us to give a more useful answer we'd need to know why the trust fund is not available to you until you are in your mid 30s, and under what conditions if any that restriction could be modified.
I would suggest speaking with the trustee of that fund, because only they would know under what circumstances if any that money could be used to secure a loan. Since you apparently cannot get at the money any time soon, it cannot be counted as income or assets by any lender. So the only remaining possibility would be if there exists any possibility the trustee would allow some sort of arrangement whereby if you don't pay up the lender gets to collect from the trust fund. But if that's possible at all under the terms of the trust, you would certainly have to make a pretty convincing case to the trustees! Every trust fund I ever heard of, the beneficiary could at least get some of the interest if not the principal upon turning 21, so there must be some reason why this one is locked away for another 15 years.
It is actually pretty common for trust funds to be "locked" up till 30 or older. The reasoning behind this is to avoid creating "trust fund dependancy" and contributing to the lack of professional or financial pursuits. Generally 21 year olds have less common sense. Easy money often inhibits the personal drive to succeed because there is no real incentive to do so.
By extending availability to 30 years of age, the grantor is assuming the beneficiary will have time to mature, finish school, pursue a profession and possibly a family.....all without reliance upon the fund.
I personally will not leave any discretionary money to my children. I do not believe it is doing them any favors to remove the challenges and obstacles of life. Thomas Paine was oh so accurate when he penned his famous, "that which we obtain too easily, we esteem too lightly." Only money earned is truly appreciated. Everything else is monopoly money.
Just look at the statistics of lottery winners. Many end up in worse circumstances just a few years later than they were when they won. Easy money without effort, trial and tribulation, patience, time and work is not good for the soul, IMO. 
I also would caution OP to not bite off huge debt with such short professional and credit history. Make sure that you have a solid plan, budget and contingencies.
My question: When you dump your $130k into a down payment, how much cash reserves and emergency funds will you have remaining? If the answer is little or none, I would encourage you to revise your budget and plan.
@Anonymous wrote:
@MattH wrote:
@Anonymous wrote:So I have about 130,00 dollars to put down on a home and a mid score of 719 but I have a very very short credit history an a very short job history so I'm having a tough time getting qualified.
I was wondering if I could use my trust fund as leverage to help me get a loan. I wont be getting any of the money until im in my mid 30's (im 21 now)
For us to give a more useful answer we'd need to know why the trust fund is not available to you until you are in your mid 30s, and under what conditions if any that restriction could be modified.
I would suggest speaking with the trustee of that fund, because only they would know under what circumstances if any that money could be used to secure a loan. Since you apparently cannot get at the money any time soon, it cannot be counted as income or assets by any lender. So the only remaining possibility would be if there exists any possibility the trustee would allow some sort of arrangement whereby if you don't pay up the lender gets to collect from the trust fund. But if that's possible at all under the terms of the trust, you would certainly have to make a pretty convincing case to the trustees! Every trust fund I ever heard of, the beneficiary could at least get some of the interest if not the principal upon turning 21, so there must be some reason why this one is locked away for another 15 years.
It is actually pretty common for trust funds to be "locked" up till 30 or older. The reasoning behind this is to avoid creating "trust fund dependancy" and contributing to the lack of professional or financial pursuits. Generally 21 year olds have less common sense. Easy money often inhibits the personal drive to succeed because there is no real incentive to do so.
By extending availability to 30 years of age, the grantor is assuming the beneficiary will have time to mature, finish school, pursue a profession and possibly a family.....all without reliance upon the fund.
I personally will not leave any discretionary money to my children. I do not believe it is doing them any favors to remove the challenges and obstacles of life. Thomas Paine was oh so accurate when he penned his famous, "that which we obtain too easily, we esteem too lightly." Only money earned is truly appreciated. Everything else is monopoly money.
Just look at the statistics of lottery winners. Many end up in worse circumstances just a few years later than they were when they won. Easy money without effort, trial and tribulation, patience, time and work is not good for the soul, IMO.
I also would caution OP to not bite off huge debt with such short professional and credit history. Make sure that you have a solid plan, budget and contingencies.
My question: When you dump your $130k into a down payment, how much cash reserves and emergency funds will you have remaining? If the answer is little or none, I would encourage you to revise your budget and plan.
TXJOHN, you are so right! If I had a trust fund, I would still be living pretty much how I am anyway and treat the trust fund money as something extra to be used for retirement or in case of emergency. And I agree also that OP should be very very careful about entering into home ownership with limited experience. In the current economy I think the standard advice financial planners give to have enough cash reserves to go at least six months without any income may not be sufficient. I would say if buying a house now would leave OP with less than eight or ten months of reserves then it would be a risky move to make. In the current economy that $130K in cash is a tremendous resource to be cherished and not used without considerable thought. Buying a house means taking on much more than just the mortgage, utilities, insurance, and taxes; it also means replacing whatever needs it because unlike a rental if the furnace dies you don't just call the super when you own the place.
One friend I know with a trust fund has received a check every year since turning 21 for an amount that is not quite enough to represent a comfortable income by itself but when added to a modest income does make for a pretty comfortable life. In this person's case, it has allowed a nearly-middle-class material standard of living while doing a succession of cool-and-fun-but-low-paying jobs in the artsy world.