Need advice from mortgage lender Bees!!

posted 3 years ago in Money
Post # 3
Member
6073 posts
Bee Keeper
  • Wedding: August 2012

@MissCountryGirl727:  Could your mom not have written you a check and you put it in your checking?  None of this gifting stuff or proving?  Just like you would a birthday check from you mom or something?  I don’t have the answers to you quesyions, but I was curious about that.

Post # 4
Member
1779 posts
Buzzing bee
  • Wedding: June 2014

@MissCountryGirl727:  When we applied to prequalify my FMIL and FFIL were gifting us the downpayment and closing costs, however, our broker told us we had to have the money in our accounts for a certain amount of time to season as a gift wasn’t acceptable to pay for that stuff. I figure if they get their money and we can make the mortgage payments who cares… but apparently they do. Good luck. We are going to wait on purchasing as this has been a fiasco of papers and miscommunication.

Post # 6
Member
10495 posts
Sugar Beekeeper
  • Wedding: January 2011

@MissCountryGirl727:  Do they need to see ALL your accounts?  Here that wasn’t the case, so we could move money around in accounts that weren’t going towards the DP, deposit, or closing costs.

Post # 7
Member
6073 posts
Bee Keeper
  • Wedding: August 2012

@MissCountryGirl727:  Very interesting!  I had no idea.  I guess I never had any money gifted to me (well for a house that is) LOL.

 

Post # 9
Member
25 posts
Newbee
  • Wedding: October 2013

When I was getting my mortgage loan approved I had to account for any money that came into the account going back 6 months. If I sold something on craigslist I had to contact them to let them know where the money came from. If I babysat I had to account for that money. My parents gave us some money towards our down payment and they required that they provide bank account information to prove that they were not going into hardship to give us that money. I did not have a USDA loan but they were very invasive.

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