01-26-2013 05:56 AM
01-26-2013 07:06 AM
From my understanding is once the funds have seasoned usually been in your account for 60 days or more they are yours and you shouldnt have to worry about anything not sure if you would be able to use the last two deposits but as far as i know is once those other deposits have seasoned you should be clear to use them...
01-26-2013 12:27 PM
Personally I would at this time stop depositing any gift funds, unless you want to go through the explanations over a few hundred dollars.
What I would do is save an additional 100.00 or more from your employment checks in your bank accounts, and cash the gift money and use for purchases in supermarkets, gas stations, etc etc...
Between all your savings as of present you should be okay with your reserves if its even an issue. Not all Lenders require reserves. The one thought that comes to mind if reserves becomes an issue is if you are paying the closing cost. If you are paying for the closing cost, most likely all your saved funds together will not cover closing cost and down payment.
01-26-2013 07:33 PM
The lender I am going through did not require any explanation for cash deposits less than $400. I play poker at least once or twice a week and had to write several letters explaining cash deposits over that but the smaller ones she said don't worry about it.
01-27-2013 10:17 AM