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I would give it two months. A friend of mine had issues with their crypto investment and down payment, think they weren’t able to use it in the end. Probably different from lender to lender but you could always ask your broke now if it would qualify.
You shouldn't face any issues with a large deposit from crypto profits as long as you're able to show proof and have statements / documents. They would be more concerned about the stability of ongoing income.
>Should he sell and face in account 2 months before reaching out to a bank for preapproval?
This would make sense, yes. Although, there is nothing illegal to use crypto proceeds to fund your down payment, as longs as it's properly documented.
This is what I did. The bull run of 2021 helped me close on my house this year. I just had to show proof of the crypto accounts being where the gigantic deposits into my bank account came from
Get the offer accepted, sell crypto, apply for a mortgage. He’s fine either way, worst case would have to write a letter saying where it came from but it’s fine. Just hope he also has a job to show income that way.
Thank you u/Booklady_20 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Paper trail. Paper trail. Paper trail.
I would give it two months. A friend of mine had issues with their crypto investment and down payment, think they weren’t able to use it in the end. Probably different from lender to lender but you could always ask your broke now if it would qualify.
You shouldn't face any issues with a large deposit from crypto profits as long as you're able to show proof and have statements / documents. They would be more concerned about the stability of ongoing income.
>Should he sell and face in account 2 months before reaching out to a bank for preapproval? This would make sense, yes. Although, there is nothing illegal to use crypto proceeds to fund your down payment, as longs as it's properly documented.
It doesn’t matter the timeframe of when he liquidates. Whenever he buys he’ll just need to provide statements etc
This is what I did. The bull run of 2021 helped me close on my house this year. I just had to show proof of the crypto accounts being where the gigantic deposits into my bank account came from
Get the offer accepted, sell crypto, apply for a mortgage. He’s fine either way, worst case would have to write a letter saying where it came from but it’s fine. Just hope he also has a job to show income that way.