Posted on: 13th May, 2014 03:55 pm
I am trying to purchase a single family home for myself with an FHA loan, I have provided everything to the mortgage company they have asked for and all documentation requested. Last evening the mortgage company asked me to ask for a gift to my account that I already have the funds in for my loan and the down payment amount is there and it is seasoned. Why would they ask me to deposit a large amount of money into my account that I do not need and will not be using as part of the down payment is this just a way for them to gain access to someone else's account since they will then need their bank account history? I am confused by this and so is my friend who use to do real estate. It would make sense if I needed the money for the loan purpose but I do not. ?????
For FHA loan, you must have 3.5% of the loan amount as down payment in your account plus some more funds. Also a gift amount will be allowed only from family or close friend in case of FHA. Did you qualify these two scenario? if not, then only you must follow the advice of your lender.