Hi. Longtime lurker, thanks for all the great info. Here is my problem.
My parents gifted me money for a downpayment, but to avoid tax issues they routed part of the money through a friend. The idea was that I would let the funds sit in my bank account to season for 60 days, and they wouldn't have to write a gift letter. I was going to finance through my own bank which takes 45 days to close, so if I started the pre-approval process after the money had been in my account for 30 days, then by the time we cam to close it would have been in there for 60 days/two statements.
I found another lender who was able to offer me better rates, and I wanted to work with them, so I went ahead with my pre-approval with them. Then I find out this lender has an incentive program fro their loan officers to close within 10 days of an accepted offer (they have a network of inspectors, etc.) So now they want my last 60 days of bank statements- which show two checks deposited, one from my parents and one from their friend who is in no way related to me. My parents don't want to have to sign a letter saying all the money is from them because of the tax implications.
Should I use my pre-approval to make an offer, but then finance through my own bank with their 45-day closing, or what other options might I have? I never anticipated finding a lender who moved so quickly.
