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Old 05-27-2007, 10:42 AM
3,151 posts, read 4,502,453 times
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I am getting a close relative to lend me 1/3 of the 27K down payment on the co-op I want to buy. On my mortgage application, this will not be stated (not necessary, as advised by a mortgage officer).

If I get 7K into my bank account from this relative, will it raise suspicions? Because the sudden new influx of money will change the "average balance of the past two months" part of the Bank Verification Letter (part of the co-op board application) which must be filled out by my bank.

What should I do? Take the 7K later or now? (Half of the 20% down payment is due on contract and other half at the closing).

PS: I CAN AFFORD to pay the 20% down payment with available bank funds NOW. It's just that I wonder whether it'll look better to have that 7K in my bank balance when the co-op board reviews my application.
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