first time home buyer. underwriting process (loan officer, financial, loan, bank accounts)

[eaglehdz]

Hi all, new to these forums and was hoping for some well sound advice. I am a first time home buyer and have recently submitted my loan application with my fiancee for our first home. Upon initial review of our financial documents (w2, job history, bank statement etc) we were "pre qualified" for the amount requested. We already signed sellers contract and left earnest money to the title company. Now my concern is that ive recently received a couple large deposits into one of my bank accounts from sales on amazon. I flip merchandise, mostly electronics, "on the side" for some extra income. My loan officer initially said it wouldnt be a problem, but im concerned after reading stories of loans being declined due to large cash deposits that cant be properly sourced. What should i expect? Would this potentially jeopardize my loan approval?

[SVTLightning]

If u can source the deposit it is not an issue. Selling on Amazon you should be able to source your incoming money.

[eaglehdz]

Thanks for the reply. So it is as simple as explaining that ACH deposits in questions are coming from online amazon sales?

[Pfhtex]

Originally Posted by eaglehdz

Thanks for the reply. So it is as simple as explaining that ACH deposits in questions are coming from online amazon sales?

Not really. You will need to furnish a short letter detailing each deposit in question, the actual "check" that was deposited, the invoice from the sale, and other ancillary documentation. If you have sufficient money in the account, you might request that the funds in question be voided, and thus unusable toward the transaction/reserves. Banks have different rules about this, just so you know.