source:
  type: guide
  id: fnma-sel-b3-4.3-01
  authority: Fannie Mae Selling Guide B3-4.3-01 — Stocks, Stock Options, Bonds, and
    Mutual Funds
  description: Fannie Mae Selling Guide B3-4.3-01 — Stocks, Stock Options, Bonds,
    and Mutual Funds.
  coverage_tier: operative
obligations:
- id: fnma-sel-b3-4.3-01-full
  canonical_id: fnma-sel-b3-4.3-01-full
  section: Fannie Mae Selling Guide B3-4.3-01 — Stocks, Stock Options, Bonds, and
    Mutual Funds
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B3-4.3-01 — Stocks, Stock Options, Bonds,
      and Mutual Funds
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'B3-4.3-01, Stocks, Stock Options, Bonds, and Mutual Funds (06/30/2015)
      Introduction This topic contains information on stocks, stock options, bonds,
      and mutual funds. Stocks, Stock Options, Bonds, and Mutual Funds Stocks, Stock
      Options, Bonds, and Mutual Funds Vested assets in the form of stocks, government
      bonds, and mutual funds are acceptable sources of funds for the down payment,
      closing costs, and reserves provided their value can be veriﬁed. The lender
      must verify the Published May 6, 2026 422 borrower’s ownership of the account
      or asset. The value of the asset and any related documentation must meet the
      requirements outlined in the table below. Asset Type Determining the Value of
      the Asset Stocks and mutual funds The lender must determine the value of the
      asset (net of any margin accounts) by obtaining either • the most recent monthly
      or quarterly statement from the depository or investment ﬁrm; or • a copy of
      the stock certiﬁcate, accompanied by a newspaper stock list that is dated as
      of or near the date of the loan application. Stock options The value of vested
      stock options can be documented by • a statement that lists the number of options
      and the option price, and • using the current stock price to determine the gain
      that would be realized from exercise of an option and the sale of the optioned
      stock. Note: Non-vested stock options are not an acceptable source of funds
      for the down payment, closing costs, or reserves and should not be entered on
      the loan application. Government bonds The value of government bonds must be
      based on their purchase price unless the redemption value can be documented.
      When used for the down payment or closing costs, if the value of the asset (as
      determined above) is at least 20% more than the amount of funds needed for the
      down payment and closing costs, no documentation of the borrower’s actual receipt
      of funds realized from the sale or liquidation is required. Otherwise, evidence
      of the borrower’s actual receipt of funds realized from the sale or liquidation
      must be documented. When used for reserves, 100% of the value of the assets
      (as determined above) may be considered, and liquidation is not required. Refer
      to B3-4.3-03, Retirement Accounts, for the requirements pertaining to the use
      of retirement accounts for the down payment, closing costs, or reserves. Recent
      Related Announcements There are no recently issued Announcements related to
      this topic.'
  judgment: false
