Downpayment has to be "seasoned"?

Hello, all.

We're trying to get approved for the SONYMA mortgage in NY state, and we more than meet all qualifications for it -- except our lender says he needs to find out if our downpayment funds all need to be seasoned (which, according to the site, means held in an account for 2 months without being altered, I believe).

We're getting our income tax return back tomorrow, and we've been approved to borrow against our totally owned car. Neither of these funds will have obviously been there for 2 months, and I'd like to get the process rolling without letting it all sit around for two months. Does anyone have any insight into this? You'd think it would just be enough to have all that money without letting it "season". :P

I believe that if you show the source of the funds. That is all you need. Seasoning the downpayment is to prevent questionable loans being used. They need to know the money is yours.

I wouldn't take out any new loans if you are looking to buy a home, you need to wait till the process of the purchase has been completed. Asfar as your money being seasoned I would think they will work with you on the money if your tax refund covers the amount you need.

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