cancel
Showing results for 
Search instead for 
Did you mean: 

Needed to deposit cash during refinance

New Contributor

Needed to deposit cash during refinance

Hey all,

 

So im currently in the middle of a cash out refinance.

 

I worked really hard to maximize my scores finally getting them into the 700's.

 

Pulled the trigger with a recommended local Mortgage Banker.

 

Everything was smooth sailing until the first submission to underwritting. They wanted to see additional reserves in my account.

 

The problem wasnt that I didnt have additional cash the problem was that its in a "vacation fund" jar in my house.

 

In anycase finally yesterday they contacted me and instructed me to deposit a specific amount and everything should be good for final approval. I followed their instructions but im wondering if there still might be an issue?

 

I know large cash deposits can pose seriouse problems but im trying to stay convinced that the worked something out and would not have told me to do so unless they already had approval to do it.

 

I think they have in house underwritting I know they write their own loans internally.

 

Has anyone else had somehting like this happen or heard of it?

 

Im just waiting on my statement to generate and hopefully on to closing in a bit,

 

thanks

 

Message 1 of 4
3 REPLIES
Super Contributor

Re: Needed to deposit cash during refinance

conv? fha?

Retired Lender
Message 2 of 4
New Contributor

Re: Needed to deposit cash during refinance

Its a conventional loan.

 

 

Message 3 of 4
New Contributor

Re: Needed to deposit cash during refinance

I just got my answer.

Something about guidelines allowing no more than 50% of your monthly income as a deposit.

Message 4 of 4