Huge issue mortgage, please answer?

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My husband and I have a loan pre-approved in mid-March, our loan officer said we would put 3% down payment on FHA loans. We had no money saved. We entered the first house in April and my husband has sold 4 wheels it was for us to deposit our money. Our mortgage company has given us a whole series of conditions that we anticipated, we were near the house today, but they have not finished our circumstances. Yesterday, after experiencing all month, if we do not make a payment to the bank until early April, our loan officer told us that our loan is not approved because the bank had 60 million days. So my real estate successessay guy is looking to make an impression against $ 4wheeler was a gift from someone, because he had banked the money and because the bank did not have a clue that we sold 4wheeler. Do you think that insurance companies take this response is not that we’re trying to hide the fact that we sold only $ 4wheeler have not been to the bank within 60 days it should be so, we say that the money deposited is a gift they will hopefully do something to say money is not a bank 60 päevame put money in the bank, before entering an agreement if we had the money before finding a home. The only thing is that no bank has 60 days
My parents originally bought my house and pays rent to live in it. Now we both agreed that I should buy my parents a house and start paying the mortgage on it. I applied for a mortgage. Now, what is my next step? Should I contact a real estate agent?

9 Comments
  1. Reply
    Kashi
    April 29, 2011 at 9:14 pm

    When I did a fha loan a long time ago, we took a “gift” from my parents. We were actually going to pay them back, but they had to sign something saying it was a gift. I know they are picky on how long your money has been in there, where it came from, etc. We’ve had 5-6 mortgages now with very good credit and they still make us prove where all of our money is coming from. I think the underwriters may still accept it because they just need all their paperwork to look good and be in order. But, in these times they may be a little more cautious. Shame on your bank loan officer for not keeping up on things. How are you suppposed to know?

  2. Reply
    PelMel
    April 29, 2011 at 9:44 pm

    I don’t understand why you wouldn’t be able to be honest and say the the money was from the proceeds of selling the car. Did you keep a copy of some sort of receipt to show that you sold the car? In order for the money to look like a gift, you will need a letter from someone stating that they gave it to you as a gift. Do you know someone who would do that for you?

  3. Reply
    Val
    April 29, 2011 at 10:15 pm

    There are many ways to get around the ridiculous conditions for your loan. Most mortgage companies and real estate agents can help. Give it a try, what have you got to lose?

  4. Reply
    Doctor Deth
    April 29, 2011 at 10:38 pm

    you shouldn;t have gone ahead with the house hunting at all until you had all the cash you would expect to need and more before you even make an offer on a house – you could wind up losing your deposit or at the minimum, waste money on inspections and appraisals, etc if the loan doesn;t go thru and you lose the house

  5. Reply
    creditwizardsllc
    April 29, 2011 at 11:37 pm

    PollyMolly is it?? In order for the sale of the 4 wheeler to positively impact your transaction, it will be in your best interest to indicate the sale of the vehicle w/ a contract of sale(Contact the buyer and put it together). (This is best because it shows that you were able to turn an asset into cash.) If possible (after checking with your realtor), inquire about being added to a bank account of an individual who has enough funds (avg balance of that amount). This person can be a relative or trusted friend. If this approach can be used, you can then be added to their bank account and granted the funds (on monthly avg.) is there you should have a solution for your seasoning issue.
    If that doesn’t work in time, try visiting CreditWizardsLLC.com to see what other valuable information we offer to improve any situation.

  6. Reply
    Julio M
    April 30, 2011 at 12:02 am

    They probably wont accept the “gift”. They get that all the time and will assume that you need to pay it back even though you call it a gift. Selling the quad was a good idea if you made a receipt. They just want money they know wasnt borrowed. And they get the “gift” money story all the time. Make a reciept of the quad along with the documents showing change of ownership and they will accept that money. Many people sell motorcycles or extra cars when this happens and they get approved

  7. Reply
    rtfm
    April 30, 2011 at 12:53 am

    There is no need for a real estate agent, since you know the property you wish to buy and the seller is willing to sell it to you at your price.

  8. Reply
    wizjp
    April 30, 2011 at 1:31 am

    Lawyer or local title company depending on where you are.

  9. Reply
    Zarg222
    April 30, 2011 at 2:12 am

    do you even make enough and have a good enough credit score to even qualify for the size mortgage you will need?

    if house is priced more than 3 times your annual income, you probably won;t get approved and wouldn’t be able to afford it

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