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Hey everyone. Decided to post my question on here after a few of my other questions had been answered by other posts. So my fiance and I are approved for the ammount we need. We have satisfied pretty much all the UW's conditions with the exception of one. We have over half of the down payment from money that we've been saving. My mother decided to gift us the rest of it from a line of credit she uses for big purchases. We would have waited and saved the rest on our own but a very nice property popped up and we wanted to move on it. SO my question is will the fact that the money she gave us came from a line of credit rather than seasoned funds from her savings matter in the UW'S eyes? She filled out the gift letter/statement showing the transaction. Any help would be appreciated as we are first time home buyers and have been pretty on edge since this process began. Thanks in advance
It's fine for your mom to borrow the funds she'd be gifting you as long as you aren't also a borrower on the line of credit where the gift funds are coming from.
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