Tag: earnest money documentation

Fannie Mae & Freddie Mac – Earnest Money Deposit Proof of Funds: Does Fannie or Freddie require copies of the earnest money deposit check and proof of the funds withdrawn from the clients account?

Answer: Freddie Mac: 5501.3: Asset eligibility and documentation requirements (12/09/18) Earnest money deposit (EMD) When an EMD for a purchase transaction is used to qualify the Borrower for the Mortgage transaction, the Seller must obtain evidence that the EMD check cleared the Borrower’s account (e.g., copy of the canceled check, asset account statement or written statement from the EMD holder verifying receipt […]

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