If you set up a custodial account with your minor child, a home lender will need to verify the terms of the account in order to determine if the funds can be used as an asset. Let’s talk before you purchase a home to make sure you have all the details you need.
Related Article Title: Can Custodial Accounts be Used as Assets or Reserves? Question: My client is a custodian of an account for the benefit of his minor child. Can we use these funds for closing or reserves? Answer: Each lender will have to determine on their own whether or not funds in a custodial account […]