In UW for 3 wks, and I know nothing...

[StartingOver10]

Hopefully you have another resource for another $3k since you can't show the source of funds for this $3k cash deposit. Do you have a relative that can gift you the funds?

[racer-x]

I dont need another gift money. My $5000 gift money/deposit has been accounted for and accepted by UW. The extra $3000 i deposited was to actually pay off a CC balance.

For example....i thought that if i had $10k in the bank and my deposit for the house was $5k, i only had to prove/document where $5k of the $10k came from?

Like i said, i wasnt quite ready to buy a house. Ive plenty of cash but ciuldnt throw it all into the banks. Thats why i had to go the gift money/deposit route with my mother.
My cash that i have would not have been seasoned money.

Is nobody allowed to have cash put away anymore? I honestly feel like it's ' nobodys damn business. And why does it matter? My direct deposits are $1200 wk. Mortgage on new house is only$114k. Currently rent. Dti is 18%. Scores 703-730. No bankruptcy. No fireclosure. 1 paid baddie on TU and EX, 2 yrs old. $165 and $300.

Is my frustration clear? Lol

I appreciate the replies.

[MaddMatter70]

I agree 100%   cash should NOT have to be in some institutions name to be counted.  This is the presumption of guilt burden placed on homeowners and I am with you totally.  It is actually anti American in my opinion.  Bankers will moan and whine but brass tacks folks, if I mow lawns for tips and do it better faster stronger I should be allowed to do what I please with my cash.  I had 8k stuffed in my garage in coffee cans and I couldn't use any of it.  I also was made to feel like I was a drug dealer.  Which I am not....

ok rant over.  I did have enough in my account "seasoned" as it was anyway but it's bs

[StartingOver10]

Go back to the u/w through your LO and ask him why they need the source of that $3k since you don't need those funds at all for down payment and closing costs. It just gets deduced from the funds you have in the bank. By deducted I mean they can't count it for closing. But since you don't need it they don't need to source it.

If your LO doesn't understand, then get to the u/w directly if you can.  Be calm, cool and collected. U/W's are people too. People with the power to approve or deny your loan.

[racer-x]

Maddmatter-Thanks for having my back!!! 

Startingover -  Funny thing is, my LO and not the UW is the one that asked for the documentation of the  $3000 cash deposit thus far and that was Friday.  He made it sound like the UW would have an issue with it as well.  So I assume whatever he asks for is what the UW will want too.  Maybe not?  I'll talk to the LO tomorrow, reluctantly.

BTW, my realtor just emailed me and said that the 3 issues the FHA appraiser had, have been fixed....now have to reschedule the appaisal.  All by thursday....whatever. lol.

[StartingOver10]

Maybe he didn't remember that you aren't using that cash to close. Remind him that cash that isn't needed for the purchase doesn't need to be sourced.

Going to be tough to get the appraiser out there tomorrow and submit the appraisal clearing the conditions so you can close day after tomorrow. Do you have an extension signed off by the seller?

[racer-x]

 My realtor told me the other day that an extension wouldn't be a problem if needed.

[StartingOver10]

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@racer-x wrote:

 My realtor told me the other day that an extension wouldn't be a problem if needed.

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Good. I think you will need it. The appraiser will take 48 hrs at a min. Then the closing pkg can be done the same date, but it can take up to 72 hrs once the conditions are cleared. At least that is how it is for most lenders. Some can move faster than others.

[racer-x]

T-42 hrs til closing....still dont know if approved. This cant be standard operating procedure.