U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Indiana > Indianapolis
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Old 03-24-2010, 10:23 PM
1 posts, read 1,954 times
Reputation: 10


Hi all,

I am wondering if we didn't shoot ourselves in the foot. When we made the initial deposit to begin construction on a new home in Indy. My girlfirend used a zero percent credit card check to deposit money into her savings account to cover her half of the deposit. Now that we are 3 days away from close, the credit union has asked for verification of the deposit source to adhere to guiidlines on Fani mae loans. I submitted my source as my IRA (Since I had indeed drawn from my IRA to fund my half.) My girlfriend submitted that she used her credit card. (Which is an unsecured loan and is not allowed for use as a down payment on a home loan)

The question is:

#1) Since we where not directly using the funds to make the down payment has the money "seasoned" enough in builder escrow to qualify for down payment?

#2) Since fanie mae guidline stipulate that unsecured loans cannot be used are we disqualified and out the escrow money since we will now be delayed at closing as we secure the remaining 50% of the down payment?

Thanks for your answers.....
Reply With Quote Quick reply to this message

Old 03-25-2010, 07:19 AM
Location: Houston-ish, TX
1,099 posts, read 3,166,556 times
Reputation: 389
A) This is what Realtors are for! I wish you had gone into this with a Realtor to help you and guide you from the beginning. They could have also hooked you up with a good lender who would explain all this stuff to you before you put a penny down.

B) NOw, generally, money has to be in your bank account for 2 months for it to be seasoned. When you signed the contract, I am praying that it had a contingency in it that if you can't get the mortgage for whatever reason, you would get your deposit back. Since the builder really doesn't want you to walk away they hopefully will not mind a short delay.

Here's a hint, ask the lender if you can use a GIFT from a family member. Some loans will allow that.
Reply With Quote Quick reply to this message
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply

Loading data...
Based on 2000-2013 data
Loading data...

Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Indiana > Indianapolis
Similar Threads

All times are GMT -6.

2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 - Top