---

Underwriter Wants me to get a gift??

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
MathGrrl Guest	Posted: Sat Feb 19, 2011 3:17 am    Post subject: Underwriter Wants me to get a gift?? Like 0 Dislike 0 I'm in the process of trying to buy a HUD home with FHA financing. I just got notice that my loan was approved with some conditions. There were only a handful of conditions, and they seemed reasonable, except for one. The underwriter is asking that I get a gift of $5000 from a relative and have it wired to the title company? They want the relative to fill out a paper documenting the source of the money and everything. This is 8% of the purchase price, on top of the 3.5% down that I am already paying, the 3% of the purchase price that HUD is paying toward closing, and my additional closing fees. Why on earth would they ask for such a thing? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Sat Feb 19, 2011 12:57 pm    Post subject: Like 0 Dislike 0 No Idea - that is strange - If you have enough for the down payment and closing costs they may be asking to show reserves - however FHA does not require reserves so this is suspect - I would ask for an exact reason for this - make sure they arent going to try and get that money in their pocket? Good Luck Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com Live Chat available Need quick advise email or PM Glad to help Pre-approvals www.applyonlinesecure.com
MathGrrl Guest	Posted: Sun Feb 20, 2011 2:40 pm    Post subject: Thanks Like 0 Dislike 0 Thanks for the response. I think it has something to do with seasoning. I'm a full time student and some student loan money hit the bank about 3 weeks before I made my earnest deposit. The underwriter is claiming I used my student loan money to make the deposit, but this is not the case. It can clearly be seen in my account history that more than the balance of my student loan went to Amazon (books) and Walmart (a new computer) within days of the student loan coming in, and weeks before I made the earnest deposit. Between those two periods I received an additional $2300 in wages, which is where my earnest money came from. I sent a letter explaining that, so hopefully it will be sufficient. Most of my down payment is coming from my tax refund, which I believe does not have to be seasoned.
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Sun Feb 20, 2011 5:07 pm    Post subject: Like 0 Dislike 0 Hopefully your letter will take care of things That makes a little more sense - Good Luck _________________ Licensed Broker 50 states http://www.aimwithfocus.com Live Chat available Need quick advise email or PM Glad to help Pre-approvals www.applyonlinesecure.com

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0