LO says 7k too much saved for USDA?!?!

[FrugalRican]

Maybe it'd be worth it to you to "rent" a safe deposit box at your local financial institution, then.

(even though technically you're not supposed to keep money in there... but no one pays attention to that).

Even if it's just for 2 months and you get the smallest box. You could check, some banks even have a free option for a box if you have certain accounts with them.

It's another option.

[jcstarkey8826]

i forgot about that haha

i get a free box because im an employee. ill probably do that.

thanks!

[FrugalRican]

Well, there you go

[pizzadude]

If that doesn't work out, I'll be happy to babysit a few grand for you.   I'm TOTALLY trustworthy.  

[JusdoNit]

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@pizzadude wrote:

If that doesn't work out, I'll be happy to babysit a few grand for you.   I'm TOTALLY trustworthy.  

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Yes, you are.....

[Tpelc23]

That is nuts we had well over that in our accounts and we had no problems doing a USDA guaranteed loan

[jcstarkey8826]

I thought it was strange, but I know USDA is a little goofy. Either way we figured it out

[Jazzzy]

Aren't we all talking about committing fraud here? Didn't your loan officer suggest committing fraud?

Won't you be asked to sign something stipulating the amount you have...be it in a checking or savings account...or hiding in someone else's account or hidden in a safe deposit box?

Doesn't it bother you that you would be using funds that are earmarked for people who don't have the total assets that you do?

[jcstarkey8826]

Being that others are doing USDA with well over 7k saved, I doubt its part of the government program specific. Probably just lender specific, and just a lenders policy. Being that this LO works for that lender, Im sorry to say I do not feel bad. Maybe I should? But honestly I dont.

What bothers me more is that these lenders are limiting funds to 7k. After closing costs and appliances you are left with next to nothing in case of job loss or unexpected expenses. To me that doesnt put the buyer in the best situation for successful home ownership.

[webhopper]

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@Jazzzy wrote:

Aren't we all talking about committing fraud here? Didn't your loan officer suggest committing fraud?

Won't you be asked to sign something stipulating the amount you have...be it in a checking or savings account...or hiding in someone else's account or hidden in a safe deposit box?

Doesn't it bother you that you would be using funds that are earmarked for people who don't have the total assets that you do?

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I agree that giving the money for someone to hold for you wouldn't be right... but doing a legal deposit into a retirement account shouldn't be any issue.  We are all supposed to be depositing enough in our retirement accounts anyways in order for us to have enough money later on in life.