B3-4.2-04, Pooled Savings (Community Savings Funds) (04/01/2009)

Funds from a community savings account or any other type of pooled savings may be used for the down payment if the borrower can document regular contributions to the fund.

Acceptable documentation includes written confirmation from the party managing the pooled savings fund and documentation of regular borrower contributions.

The borrower’s obligation to continue making contributions to the fund must be considered as part of the borrower’s debt when calculating the total debt-to-income ratio.