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how do you explain to an underwriter about a large deposit

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urbanknight353 Joined: 03 May 2011 Posts: 1 1.28 Dollars($)	Posted: Tue May 03, 2011 9:10 pm    Post subject: how do you explain to an underwriter about a large deposit Like 0 Dislike 0 I had deposited a a large amount from a pension loan prior to going through the whole mortgage thing. Now the underwriter wants to know where the money came from. will this disqualify me from getting the mortgage.
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Wed May 04, 2011 12:13 am    Post subject: Like 0 Dislike 0 Hi urbanknight, You should let the lender know about the source of the money. I don't think the lender will disqualify you from getting a mortgage. Thanks
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Wed May 04, 2011 8:52 am    Post subject: Like 0 Dislike 0 Underwriters are very picky about cash and deposits. General rule of thumb when obtaining a mortgage is: 1. dont quit or change your job 2. dont run your credit 3. dont make large deposits 4. dont move money around 5. dont purchase anything...The underwriter will not accept money that cannot be sourced, more so on a large deposit. If it was from pension, you should be able to show the money in your pension, then show the paper trail of the withdrawl and the deposit into your checking. Good luck _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125

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