Introduction
This section is about using money from outside the United States and its territories to buy a home. If you’re thinking of using such funds for your down payment, closing costs, or financial reserves, this guideline explains what you need to do.
Requirements for Foreign Assets
When you use money from another country to help buy your home, there are specific steps you need to follow. First, you must show where all the money for the down payment, closing costs, and financial reserves is coming from. If any of your documents are not in English, you must attach a translation to each one. This translation must be accurate and complete.
If your money for these expenses is currently in a bank or financial institution outside of the U.S. and its territories, you need to do two things. First, show proof that you have moved the money into U.S. dollars. Second, place that money into a financial institution in the U.S. that is regulated by the government. You must do these steps before your loan closes.
Additionally, if there are any large deposits made into your accounts, the lender must check these carefully. The specific rules for how these are checked are found in another part of the guidelines, titled “B3-4.2-02, Depository Accounts.”
Recent Related Announcements
Announcement SEL-2022-04, issued on May 04, 2022, is directly related to the use of foreign assets in the mortgage process. This announcement might have additional information or updates about using foreign assets for your home purchase.
References
For more details, visit Foreign Assets of the Fannie Mae Selling Guide.