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Old 04-27-2010, 10:18 PM
 
Location: West Covina, CA
15 posts, read 161,258 times
Reputation: 17

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I finaly closed escrow!!!. very exited!.
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Old 04-28-2010, 03:56 PM
 
Location: Boise, ID
8,047 posts, read 24,980,466 times
Reputation: 9356
Congratulations, glad you got it all worked out!
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Old 04-29-2010, 07:43 PM
 
Location: Palm Coast, Fl
2,249 posts, read 8,243,788 times
Reputation: 1005
YAY! See? All that stressin' for nothin'.. enjoy!!
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Old 07-14-2010, 11:47 PM
 
1 posts, read 3,095 times
Reputation: 10
Hi.. I am going to buy a house and have a similar question.. if you don't mind can you tell me how large "is the large cash deposit"? I have a deposit of $3000 (from a check) and I am worried if they are going to bother about that money. I am trying to figure out how "large" of an amount is where they start asking questions.
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Old 07-15-2010, 08:23 AM
 
Location: Boston area
74 posts, read 266,501 times
Reputation: 44
Quote:
Originally Posted by jd1951 View Post
Hi.. I am going to buy a house and have a similar question.. if you don't mind can you tell me how large "is the large cash deposit"? I have a deposit of $3000 (from a check) and I am worried if they are going to bother about that money. I am trying to figure out how "large" of an amount is where they start asking questions.
Yes, they'll ask about $3K. We closed on our new house a few weeks ago and they asked for verification on a $1,600 check from my employer b/c it was clear it wasn't standard salary. When I explained it was an expense reimbursement it was fine.
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Old 07-15-2010, 08:45 AM
 
29,986 posts, read 38,658,460 times
Reputation: 12784
Quote:
Originally Posted by jd1951 View Post
Hi.. I am going to buy a house and have a similar question.. if you don't mind can you tell me how large "is the large cash deposit"? I have a deposit of $3000 (from a check) and I am worried if they are going to bother about that money. I am trying to figure out how "large" of an amount is where they start asking questions.
Documentation is the key. You will need to prove it is income or a gift (with a gift letter). FHA wants to determine that the source of the funds is legitimate and that someone else isn't providing the funds required for the downpayment.
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Old 12-04-2013, 10:23 AM
 
1 posts, read 1,622 times
Reputation: 10
Talking Letter template

Quote:
Originally Posted by Millieb38 View Post
I submitted the letter of explanation and a pattern on previous deposit and it was just fine. After many many other letters of explanations I finaly got the final approval this friday. Signing will take place sometime this week. thank you for you imputs.
Is it possible you can post a template of the wording on the letter? I am in the same boat as of right now and hearing how successful your letter was would like to use it as a guide. Feel free to ommit your name and address and identifying inf. Or you can email me a tample at dominicansweety13@gmail.com

Thank you I truly appreciate it !!!!
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Old 12-04-2013, 10:37 AM
 
3,749 posts, read 8,138,891 times
Reputation: 4803
Every deposit over $300 will be vetted.

You must provide: the actual deposit slip, the check copy itself, if it was from another account of yours, you must provide THAT account's statement, and yes those funds will be further traced.

If it's cash the funds might not be allowed, ie, they don't exist as far as the transaction goes.

Letter: "On ----- I deposited $____ into bank account ____, # _____, in the form of (check, cash) that was received as a result of _____" Sign/date
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Old 12-04-2013, 06:42 PM
 
Location: MID ATLANTIC
8,047 posts, read 19,715,259 times
Reputation: 9091
We document any deposit over 10% over the borrower's monthly income or 3 cumulative deposits equaling 10% or over........and anything over $1500 or if it is needed for the transaction. (We currently show leniency if there is a surplus of cash).
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Old 12-04-2013, 07:06 PM
 
10,537 posts, read 14,029,374 times
Reputation: 16232
Quote:
Originally Posted by Rosachica View Post
Is it possible you can post a template of the wording on the letter? I am in the same boat as of right now and hearing how successful your letter was would like to use it as a guide.
You don't need a template, what you need to do is just explain the money. The orginal poster over reacted and made a simple thing into a overwhelming headache.

Regarding the deposit of $4,345,92 made on 11/01/20123 that you asked about, the funds were received from my older brother who made a bet with me in 1973 that he could get a date with the Jones twins before I could. He lost the bet! He also welched on the bet! Recently he had a near death expereince and as he approcahed the light, he said he heard a voice from beyond say "Pay your bets you slob!" needless to say, he recovered and paid off the bet with interest. Attached is his letter to me explaing the situation.

That's it, thats all you need to say. Just tell them where you got the money from!
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