Here are some points to remember when putting a down payment on a home:

• Documentation:Lenders can't accept money that you say you have for a down payment without proof.Therefore, lenders require documentation to prove that this money exists, to protect against fraud and to determine your qualifications as a borrower. Documentation of funds used to pay the down payment and closing costs is good to have for your records and can serve as proof in case a dispute arises in the future,
• Savings:Borrowing for a down payment creates a higher monthly mortgage payment, and sometimes not even allowed, therefore a good savings is the way to. The lender has more confidence in you as a borrower if you can show that you have a good history of personal savings where the money is coming from, suggesting a degree of stability.
• Assets:Verifying additional assets that are not needed for the down payment are resources you have available if a financial problem should arise like unemployment, medical emergencies, and similar occurrences. Documenting additional assets also shows a history of saving money, adding to your reliability as a borrower.

By doing a little extra planning before buying a home, you can save time, money and heartache in the long run.