Question about getting a small mortgage?
My husband and I are going to try to get preapproved for our first mortgage beginning of February. The homes we are interested in are 30k-60k. We are hoping a credit union will approve us for a small mortgage. I will not have the funds needed for down payment and closing costs until 2 weeks from now. We dont have a whole lot saved now, but my husband is recieving a large bonus in a few weeks and we are going to be getting tax refund money in about a month. Also parents are planning on gifting us money through paypal to transfer to our bank account to cover for down payment and closing costs. Is that going to affect us getting a loan because it is not money that has seasoned in our account when showing bank statements? We want to apply for mortgage now because rental lease is up in 2 months. We have excellent credit and payment history and have plenty funds to pay on a mortgage, as we are completely debt free. I am worried that they will not lend to us. We are going to try our local credit union. Will it look bad to have money transferred from paypal, and recieve bonus money right before we apply for loan?
Husband is the only one that works. Makes 35k a year not counting 2 bonuses a year, and hes worked at same job for 5 years.