Posted on: 26th Mar, 2010 02:14 pm
We have our downpayment in the bank. We must pay for some housing related costs (appraisal, inspection, etc...) When we pay these it will make our checking account go below the amount of our down payment. When we get paid our balance will be well above the down payment amount. Will this affect the way a underwriter see our downpayment?
Hi littleelvis,
It's true that a lender wants to make sure how you got the funds for the down payment and how you and how long you have had the funds with you. But it is not going to affect you in any way if the amount of the down payment in your checking account goes down for a while. After all, the balance will come up again once you get paid. If required, you can send a letter to the underwriter to explain your situation.
It's true that a lender wants to make sure how you got the funds for the down payment and how you and how long you have had the funds with you. But it is not going to affect you in any way if the amount of the down payment in your checking account goes down for a while. After all, the balance will come up again once you get paid. If required, you can send a letter to the underwriter to explain your situation.
as long as the funds going in to your account are from reasonable sources, such as payroll or transfers from other accounts that you may have; or gift, if you've disclosed that you're using gift funds; you'll not run into any snags with your lender.
just make certain that all funds you are using are either your own or from gift (if applicable) and that you can satisfactorily explain where they came from.
just make certain that all funds you are using are either your own or from gift (if applicable) and that you can satisfactorily explain where they came from.
