Fha underwriting and bank statement

[Anonymous]

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1. Will a cash gift of 600.00 be an issue? The cash was a gift from my bf and he's had it since he cashed his tax return early in year. He was saving it to buy something  he really wanted but gave it to me instead. I can provide his tax return to show where he got money but he doesn't really use a bank account. so will that be an issue? House price is 131,000 before down payment of 3.5 %and my yearly income is 36600.00

2. If I got a 401k loan and I used some of it to pay down a credit card , but after I paid the credit card I'm using the rest for down payment and closing cost , will the underwriter wonder why I just made a large credit card payment? Will they be required to address the payment to my credit card. 

[Anonymous]

1. They required a bank statement from my FIL showing the withdrawal from his account to correlate to the deposit in ours and we didn't even use the money for down payment. They said at worst if he didn't have evidence then we just couldn't use that money towards the down payment which didn't matter to us as it wasn't going there anyhow. It was a 1350.00 gift for other things.

2. The UW can wonder about any transaction you
Make and can ask for documentation. If there are things you can hold off doing until after closing it would be better. A loan for a 401k might change your DTI as well, maybe even more than the credit card payment. 8 am not sure how that works. Maybe it doesn't matter since you are borrowing from yourself. The portion used for your home will incur different penalties than the portion used for debt... explore thoroughly.

Good luck!!!

[DallasLoanGuy]

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@Anonymous wrote:

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1. Will a cash gift of 600.00 be an issue? The cash was a gift from my bf and he's had it since he cashed his tax return early in year. He was saving it to buy something  he really wanted but gave it to me instead. I can provide his tax return to show where he got money but he doesn't really use a bank account. so will that be an issue? House price is 131,000 before down payment of 3.5 %and my yearly income is 36600.00 does bf live with you? fha has rules on who can gift you funds

2. If I got a 401k loan and I used some of it to pay down a credit card , but after I paid the credit card I'm using the rest for down payment and closing cost , will the underwriter wonder why I just made a large credit card payment? Will they be required to address the payment to my credit card. if they find out you paid down revolving credit, i think they could go back and use the old payments against your dti. but if the credit report shows the new balance... likely not

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