I'm going through a loan with BofA right now and am really worry that it won't go through. Loan and Escrow process started on 10/2 and I got conditionally approved in Mid October. I've already provided the loan processor with all the documents to satisfy the list of conditions she has. The first time the underwriter looked at my file was on 11/22 and come back with a bunch of conditions again on 11/23 (request to explain large deposits again, request for my Scottrade statements for the 3rd times, 401K distribution terms, etc). They asked me for the Scottrade statement multiple times because they didn't believe the statements I provided were complete. It seems that they've never seen a Scottrade statement before.
I ended up calling in to Scottrade with the loan officer on the line so he can explain exact what he wants to the Scottrade associate. We were directed back to the same statements that I've sent before. Not sure what additional info I can provide for the underwriter anymore.
They also disallowed > $15,000 of my down payment. I wish I would have known this earlier. Now I have taken out from one of our IRA to cover this and this is the 2nd time withdrawing. I thought I was short by a few thousand so I withdrew that in October, now I have to withdraw another 15K. The sad thing is that I do have the money in my bank account it's just that they won't let me use it and now causing me to have to pay a 10% early penalty on my early withdrawal.
Anyways, the property is an REO property with BofA also as the seller. At this point I'm not sure if they will agree with another extension for the 4th time. Hopefully we can have them work it out internally.
They also put me in a bad position since they've said I have to rent out my condo I'm living in before the loan can close for my new house. The 1st day of rental is 12/1 so I have to be out of my house with no home to move into. This is lame.
If this doesn't go through will I lose my down payment?
Also this may be a tax question but wondering if anybody knows the answer. If I withdraw from IRA on 10/18 an amount then withdraw again on 11/25 and if I pay the total of the 1st and 2nd withdrawal back within 60 days, will I have to pay penalty?
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