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I am getting an employment bonus of $22,000. Do I need to have these funds sit in my bank for a while before I am able to use them for the down payment?

by philip442 from Sedro Woolley, Washington. Apr 4th 2016 Reply


Sara Deere (Saraloveshomeloans)
#1 ranked lender in Kansas - 516 contributions

If the employment bonus is deposited the same way your payroll checks are deposited, there should not be a major issue. I would present documentation that backs up why you are receiving the bonus and does it occur yearly. In some states a borrower can wire money from an account to the title company at closing. If you need a mortgage lender in WA, I would be able to put you in contact with one of the licensed WA mortgage loan originator within the company.

Apr 4th 2016
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Dave Skow (daveskow)
#16 ranked lender in Washington - 143 contributions

Phillip - no .you can use these funds for down payment immediately as long as you can document the source of these funds are from a bonus at your employment

Apr 4th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,565 contributions

No, those type of funds are available right away, although you may need to show the actual pay stub with the bonus on it.

Apr 4th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,045 contributions

Since they are coming from your employer, then no.. just your most recent 5 weeks pay stubs is sufficient.. However, when it comes to using the bonus as "Income".. you must be receiving it for 2 years, and then if your year over year bonus is higher, then the lender will use the 2 year average, otherwise, they will use the monthly average of the lower of the 2 years.. If you have not been receiving it for 2 years, then it will not be considered at all as "Income".. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Apr 4th 2016
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

As long as the funds can be traced back to the company as the original source there is no need to have them in the bank for any period of time. That income only counts usually if it can be averaged over the past two years, but there is no issue with using them toward the downpayment or other requirements.

Apr 5th 2016
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