05-15-2012 06:19 AM
We finally got our conditional Commitment last week! All of the conditions they required were sent to the LP yesterday! Everything has been received that UW needs, Survey is done, Title work is done, Appraisal is done, Hazard insurance Binder sent etc.. So I guess we are just waiting for the bank to clear the conditions that we sent them and hopefully get the Clear to close soooon!! Tentative closing date per purchase agreement is 5/20, Rate lock expires 5/25 and Commitment expires 5/30!
We have proven that we have enough money in our checking account to cover all closing expenses provided bank statements) and we submitted a 401 (k) statement to make our file look a little better! I already have a small $400 balance on a 401(k) loan that I am sure the UW seen being taken out of my paycheck each week ($4 a wk). Although nothing was ever mentioned about it!
We have enough money saved for all the closing stuff, but it would leave us with almost no money after closing so I decided to take out another 401(k) loan ($3000) as opposed to doing a 203k loan, because the house does need some work, but I would rather pay myself back than pay extra to a bank!
I had full intentions to report this to the LO and have the funds verified and all that stuff! I got to thinking because I really don't want any more bumps in the road and the chance that this will further delay closing since we are sooo close! Can I/Should I just wait until after closing to deposit the check that I received from the 401(k)? That way if they do happen to want another bank statement it won't show up and require an explanation? Are there any other issues I should consider by doing this?
05-15-2012 06:33 AM
Wait to deposit it. I would have waiting to take out the loan in the first place but what's done is done. This close to closing you don't want to do anything big in your financial life, just lay low. While it shouldn't make a bit of difference in the world it just isn't worth the risk. Good luck!
05-15-2012 06:49 AM
Thanks for the response! I think I will wait to deposit it!
The reason I took out the loan when I did was because the first GFE we received from our Broker was pretty high so I thought that I was actually going to need the loan to help with closing costs! But after I had already applied for the loan we got a second GFE from the actual Lender and it was much lower (LO says the second one is more accurate) so we ended up not needing any more money than what we have saved for closing!
I just wanted to make sure I was not doing anything immoral or fraudulant as far as waiting to deposit the check!
Is there any way that the Bank will find out about this? At this point the only way they would know is if they asked for another paystub and see the payments coming out or 401(k) statement! Is that at all likely to happen at this stage in the process?!! I have 17 years of verifiable income from the same employer that I have shown and DTI is 16/25! So would they really even need to see anything else? I think those are pretty strong numbers to be questionable! Thanks!
06-12-2012 08:19 AM
Just thought I would give an update!! I did wait to deposit the check, the Bank never asked for anymore paystubs, but they did find out that we took out the money!! Not sure how, but anyway, they never mentioned a word about it, we closed 6/7!! Just wanted to share my experience!
06-12-2012 03:59 PM
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