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Old 06-17-2009, 09:19 AM
 
5 posts, read 19,998 times
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My husband and I closed on a home last month and obtained an FHA loan. The problem is that our mortgage broker instructed us to get a cashiers check for a gift that we were receiving towards our down payment. She did not specify that cash on hand was not permissable or that we needed any documentation other than a letter from the donor. We did exactly as asked and now a month after closing, the lender has contacted us demanding the donor's bank statement showing this transaction to us. This is not possible as the cashier's check was purchased with cash on hand. The lender has said that if the documentation requested is not provided than the loan will be due payable as our loan is not insurable by FHA standards. Has anyone run into this and does anyone know what our rights are after closing?
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Old 06-17-2009, 01:35 PM
 
Location: East Tennessee
3,926 posts, read 10,310,810 times
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Sorry I don't have the answer, but I thought you might receive better responses if you posted your question in the Mortgages Forum. Here's a link --> http://www.city-data.com/forum/mortgages/

Good luck!
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Old 06-17-2009, 02:15 PM
 
5 posts, read 19,998 times
Reputation: 10
Thanks for the tip...I reposted it in mortgages.
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