Jennifer is a 30-year old home buyer. In order to close on the purchase of her new home, she will need to bring $65,750 to the settlement table. Her only asset from which she intends to secure this money is her 401(k) account bearing a face value of $75,500. Jennifer demonstrates that she is the owner of the account, confirms that the account is vested, and that it allows for withdrawals regardless of her current employment status. As such, will Jennifer be able to close on her loan?
A. Yes - she has satisfied all conditions and has enough money to cover all cash needed to close
B. Yes – she has satisfied all conditions and has enough cash needed to close once she liquidates the money in her retirement account and maintains a paper trail
C. No - she has not documented receipt of the funds
D. Yes - she has satisfied all conditions and has enough cash needed to close once she liquidates the money in her retirement account, maintains a paper trail, and has provided the terms of her account’s liquidity
Answer:C
Jennifer is a 30-year old home buyer. In order to close on the purchase of her new home, she will need to bring $65,750 to the settlement table. Her only asset from which she intends to secure this money is her 401(k) account bearing a face value of $75,500. Jennifer demonstrates that she is the owner of the account, confirms that the account is vested, and that it allows for withdrawals regardless of her current employment status. As such, will Jennifer be able to close on her loan?
A. Yes - she has satisfied all conditions and has enough money to cover all cash needed to close B. Yes – she has satisfied all conditions and has enough cash needed to close once she liquidates the money in her retirement account and maintains a paper trail C. No - she has not documented receipt of the funds D. Yes - she has satisfied all conditions and has enough cash needed to close once she liquidates the money in her retirement account, maintains a paper trail, and has provided the terms of her account’s liquidity