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So far there haven't been any problems but I'm still waiting for appraisal to come back, haven't gone to underwriting yet. My question is in regards to the money for closing, down payment, reserves, whatever. The GFE said I would need to reflect about $7000 available but the LO said the actual cashiers check will only be around $5000. My parents followed the process to gift us $5000 towards down payment/closing and the rest is coming from my paycheck. I recently received my yearly bonus (processed via normal payroll but separate from actual paycheck) and a quarterly bonus. The issue is that buying a house isn't the only thing this money was for. My son had to have a palette expander put into his mouth and my daughter outgrew her retainer and needed a new one (total of $1550).
I still have well over the $7000 they put in the GFE (approx $9000) but I want to see if this sort of "purchase" reflects poorly. I have the receipt from the orthodontist but I don't know if I can get the original specifics about why these were needed from my kids records.
Are they only looking at deposits or also outgoing money? I don't know how people save money while having kids to be able to "season" it for 3 months. Kids are the definition of unplanned expenses.
Only incoming money is seasoned. An occasional undisclosed bill will be revealed, but no one will be asking what that lone $750 bill was, or the stray $800 bill. However, if you had a bill showing for both bank statements for an exact odd amount (say $146.78), additional statements would be requested to make sure there wasn't an undisclosed debt.
Only incoming money is seasoned. An occasional undisclosed bill will be revealed, but no one will be asking what that lone $750 bill was, or the stray $800 bill. However, if you had a bill showing for both bank statements for an exact odd amount (say $146.78), additional statements would be requested to make sure there wasn't an undisclosed debt.
Thanks for the reply. Does money from a paycheck need to be seasoned as well? I got my yearly bonus on January 15th and my quarterly bonus from Q4 on January 30th. Both on the normal payroll schedule with paystubs for all.
I am with my credit union- they contract it out with a lender that does many credit unions- so far so good, but we are getting into the last 2 weeks before contract ends - I hope my credit union doesn't go crazy the last few days of this ordeal. I feel the " processor" seems the person on top of it all - If it flies smoothly she gets the credit
I am with my credit union- they contract it out with a lender that does many credit unions- so far so good, but we are getting into the last 2 weeks before contract ends - I hope my credit union doesn't go crazy the last few days of this ordeal. I feel the " processor" seems the person on top of it all - If it flies smoothly she gets the credit
I'm in the same boat. I'm T-13 days til closing and I submitted the paperwork to clear the conditions on my approval but since then its been radio silence. I suppose no news is good news.
I'm in the same boat. I'm T-13 days til closing and I submitted the paperwork to clear the conditions on my approval but since then its been radio silence. I suppose no news is good news.
I had radio silence for about a week until this afternoon...my appraisal came back and I was just told i'm cleared to close
Now I feel like throwing up, (after all I went through) and am currently watching Mad About You on Youtube because i'm in shock that it's over and don't know what to do next haha
Good luck to you NewBuyer and to all that make it through this process
I had radio silence for about a week until this afternoon...my appraisal came back and I was just told i'm cleared to close
Now I feel like throwing up, (after all I went through) and am currently watching Mad About You on Youtube because i'm in shock that it's over and don't know what to do next haha
Good luck to you NewBuyer and to all that make it through this process
I had radio silence for about a week until this afternoon...my appraisal came back and I was just told i'm cleared to close
Now I feel like throwing up, (after all I went through) and am currently watching Mad About You on Youtube because i'm in shock that it's over and don't know what to do next haha
Good luck to you NewBuyer and to all that make it through this process
Congrats on your new home! I bet you are so relieved it's almost over. Gives hope for the rest of us following
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Maybe the banker was reading this thread and it lit a fire under him. 
