It is very common for home-buyers in California to access foreign funds for down payments and closing costs. Lenders allow the use of foreign funds as long as they can be “sourced” and “paper-trailed.” This, unfortunately, is often easier said than done.
It is sometimes difficult to get foreign account statements, and they often need to be formally translated into English and dollar amounts. This is not impossible to do of course; it just takes substantial time and effort.
The simplest solution in regard to foreign funds is usually to just turn them into “gift” funds that do not have to be “sourced” (in most cases) if the funds go straight to escrow. Contact us if you’d like more details.
Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646
