A young couple is applying for a loan for a new home purchase. A portion of their down payment is a loan from a Grandparent for $25,000. The money was already given to them and placed in their account three months prior to the loan application. The loan payments won't start for one year, how should the $25,000 be reported on the mortgage application?
A. Asset
B. A Liability
C. Gift of funds
D. Not reported at all
Answer: B. A Liability
Business
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The reasonable person standard is used in determining the duty of care in a negligence case
Indicate whether the statement is true or false
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When a survey uses the responses strongly disagree, disagree, neutral, agree, strongly agree, this is an example of:
A) nominal data. B) ordinal data. C) interval data. D) ratio data.
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