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Old 05-14-2010, 04:51 PM
 
11 posts, read 50,161 times
Reputation: 12

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I wrote awhile back about a 1600 deposit I had put into the bank about a month ago. It wasnt to be used as the down- payment. my mother gifted that to me. It was money my gf and I were saving to maybe purchase furniture with( before the house buying process came into play).
She said, she will see if it is going to be an issue. I just find it ridiculous that this could blow the whole thing, with closing being next week! I guess I have learned my lesson the hard way. Never once was I told I couldnt do this. I had to learn from reading mortgage forums after the fact, such as this. ugh... so frustrating!
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Old 05-14-2010, 06:15 PM
 
29,981 posts, read 42,798,928 times
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It should not present a problem if you have a gift letter and if your downpayment is not coming from those funds. Quite frankley this should have come up quite early in your loan qualification income verification process and not the week prior to closing. It sounds as though either not everything was fully disclosed to the mortgage company in a timely manner or that the underwriter was very slow in performing due dilligence.
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Old 05-15-2010, 07:44 PM
 
Location: Plano, Texas
1,673 posts, read 7,002,872 times
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I agree, not a deal killer but the lender may ask you to write a letter of explanation explaining where the $1600 came from.
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Old 05-16-2010, 02:27 AM
 
11 posts, read 50,161 times
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It wasnt known to them when I applied the beginning of April. Then I got my loan commitment letter w/conditions about 2 weeks ago. The conditions were, the fha appraisal, insurance, and most recent bank statement. I dont know why, after they had already seen two months worth.
If I had known all of this prior, I would have still kept the money here at home.We have never been people to always put ALL of our money in the bank. I guess I did thinks out of anxiety. I put the money in 1. well, I wasnt told I couldnt do this 2. my stepfather told me I needed to have reserves and 3. the money was going to be downpayment money, until my mom gifted me the money

I read somewhere on these forums that if you think you are going to be denied, to withdraw your application as the denial stays with you for some time. How long does the denial stay with you? I guess we will know soon enough whether this one thing ruins it, before that we were clear to close next Friday.We had even given notice to the landlord last week. uh-oh
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