Help - unsure of what to do. . .

[Anonymous]

I was approved for an FHA loan and have a closing date in late October.  I am a little short of having all of the funds necessary to close in the bank right now ($ 1,800.00) but will have it by October 1, 2011.   My loan processor said my loan commitment is due next week and that there would be a condition that the funds be available prior to closing.  The loan processor also said the seller won't like that. . .I am unsure as to what that means.  Does that give the seller an out?   The seller has been pretty difficult thus far.    My mother has offered to gift the money so I can have it in the bank on prior to the due date for the loan commitment.  I am an independent sort and would prefer not to take money from anyone but I don't want to jeopordize getting the home.   The home appraised for about $30,000.00 more than I am paying so I feel like I am getting a great deal on the home and I really like the house.  

Am I better off and safer accepting the gift and having a loan commitment with no conditions or will it not matter as long as I have the money for closing and meet the condition?   I appreciate any advice and suggestions.

[Anonymous]

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@Anonymous wrote:

I was approved for an FHA loan and have a closing date in late October.  I am a little short of having all of the funds necessary to close in the bank right now ($ 1,800.00) but will have it by October 1, 2011.   My loan processor said my loan commitment is due next week and that there would be a condition that the funds be available prior to closing.  The loan processor also said the seller won't like that. . .I am unsure as to what that means.  Does that give the seller an out?   The seller has been pretty difficult thus far.    My mother has offered to gift the money so I can have it in the bank on prior to the due date for the loan commitment.  I am an independent sort and would prefer not to take money from anyone but I don't want to jeopordize getting the home.   The home appraised for about $30,000.00 more than I am paying so I feel like I am getting a great deal on the home and I really like the house.  

Am I better off and safer accepting the gift and having a loan commitment with no conditions or will it not matter as long as I have the money for closing and meet the condition?   I appreciate any advice and suggestions.

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Take the money from your mom on the condition that she lets you repay her on Oct 1.  You would be borrowing, not "taking" or being "gifted," money and you won't hav eto worry about losing the home.

[Booner72]

You will have to get a letter from your mom saying where the money came from though.  And if your mom writes a letter saying you will pay her back October 1, then that amount would be factored into your DTI from what I understand.  This means your mom is going to have to write a letter saying she is giving you the money free and clear, but then you and your mom can work something out between you.

I could be wrong but I don't think I am.

Nice job on the 30K

[ShanetheMortgageMan]

I am not sure when you are closing, but I don't think your processor is in a position to say what the seller will or will not like - they can guess but they can never be sure.  If that is indeed the only item that would be remaining before you'd be able to get your loan commitment then I'd ask your real estate agent if they think that'd be acceptable, and if needed, they can communicate to the other agent/the seller about the situation.  If they say that'd be a problem, then with an FHA loan you can get a loan from a family member as long as it's all properly documented (the terms of the loan, the monthly payment, when it'd be repaid, etc.) and it's payment would be included in your debt to income ratio so you'd want to discuss with your loan officer how much of a monthly payment you could absorb/still be able to qualify with.