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Established Member
LB2484
Posts: 22
Registered: ‎01-11-2013

Downpayment question for a mortgage

I am looking to build a house next spring. I need to get a pre approval for 325k and my income is 84k on my own.
My credit scores from my fico are EX 690, EF 660, TU 632
My husband is not going to be on the loan as he has a foreclosure and some judgements from a prior marriage.
I understand that I can use his stock as a downpayment if he gifts it to me.
My question is the value of the stock is 45k, if I use the funds from my gift as a downpayment do I have to have a portion of my downpayment coming from my own income source?
Secondly, do I have to sell the stock and have the funds in my bank account before I can qualify for a pre-approval or will the statement from stock be sufficient?
Super Contributor
DallasLoanGuy
Posts: 5,958
Registered: ‎07-03-2007

Re: Downpayment question for a mortgage


LB2484 wrote:
I am looking to build a house next spring. I need to get a pre approval for 325k and my income is 84k on my own.
My credit scores from my fico are EX 690, EF 660, TU 632   might not be good enough for construction loan. maybe with enough equity pledged.
My husband is not going to be on the loan as he has a foreclosure and some judgements from a prior marriage. 
I understand that I can use his stock as a downpayment if he gifts it to me.   a smal % can be used unless cashed out
My question is the value of the stock is 45k,  if I use the funds from my gift as a downpayment do I have to have a portion of my downpayment coming from my own income source?
Secondly, do I have to sell the stock and have the funds in my bank account before I can qualify for a pre-approval or will the statement from stock be sufficient?  that value will be seriously discounted unless cashed out and in the bank... then we will still look to discount for taxes on the cash out.


 




* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Established Member
LB2484
Posts: 22
Registered: ‎01-11-2013

Re: Downpayment question for a mortgage

Thanks for the response.
The builder will be carrying the construction loan. They just need a pre approval in the amount of 325k. Are my credit scores good enough at this point or do I need to improve?
The 45k is the payout.....we can show where that amount has been paid to us in the past two years as well as that we will have this payout in the next coming years. The stock is thru my husbands employer.
Just to confirm...I will need to have it cashed out and in my bank account for it to be considered for my down payment?
In order to qualify for a mortgage do I need to have a portion of the down payment showing that it came from my savings or payroll?
Sorry for all the questions just trying to get the facts.
Super Contributor
DallasLoanGuy
Posts: 5,958
Registered: ‎07-03-2007

Re: Downpayment question for a mortgage


LB2484 wrote:
Thanks for the response.
The builder will be carrying the construction loan. then you need a purchase loan. so those scores are fine. They just need a pre approval in the amount of 325k. Are my credit scores good enough at this point or do I need to improve? good enough
The 45k is the payout.....we can show where that amount has been paid to us in the past two years as well as that we will have this payout in the next coming years. The stock is thru my husbands employer. make sure to consider taxes on the distribution..... lender will reduce the amount for taxes if you havent already
Just to confirm...I will need to have it cashed out and in my bank account for it to be considered for my down payment? i would
In order to qualify for a mortgage do I need to have a portion of the down payment showing that it came from my savings or payroll?
Sorry for all the questions just trying to get the facts.

are you in a community property state?

 




* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Established Member
LB2484
Posts: 22
Registered: ‎01-11-2013

Re: Downpayment question for a mortgage

Yes I am in Texas. Is that going to be a problem not having my spouse on the loan?
Regular Contributor
Mondavi
Posts: 221
Registered: ‎06-12-2012

Re: Downpayment question for a mortgage

I am building a new home and construction will be done mid December. I am selling 50K of my stocks " Not from employer" for my down.  I have told my LO I would not be selling them until I have passed though UW. There is no point for me to sell get denied for some reason then have to pay capital gains tax and then reinvest the market again.

 

He complety understands plus it will only take five days for the money to be in my account. Hopefully this will not become an issue for me as well. If I have to sell then so be it.

Established Member
LB2484
Posts: 22
Registered: ‎01-11-2013

Re: Downpayment question for a mortgage

I hope it isn't a problem once you start UW process. Please let me know and I hope it all turns out good. Sounds like your LO didn't have a problem giving you a pre approval with the stock not being sold?
Regular Contributor
Mondavi
Posts: 221
Registered: ‎06-12-2012

Re: Downpayment question for a mortgage

Yes they were fine with it and understood.

Super Contributor
DallasLoanGuy
Posts: 5,958
Registered: ‎07-03-2007

Re: Downpayment question for a mortgage


LB2484 wrote:
Yes I am in Texas. Is that going to be a problem not having my spouse on the loan?

 

no. down payment can come from NPS(non-purchasing spouse). i do this all the time.

 




* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Super Contributor
DallasLoanGuy
Posts: 5,958
Registered: ‎07-03-2007

Re: Downpayment question for a mortgage


LB2484 wrote:
I hope it isn't a problem once you start UW process. Please let me know and I hope it all turns out good. Sounds like your LO didn't have a problem giving you a pre approval with the stock not being sold?

obviously the market could tank and your money could be in a risky stock.... that is a chance you take, but you done have to have them sold to get pre-approved.

 




* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004

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