Seasoned funds

[Anonymous]

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@Anonymous wrote:

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@capez wrote:
My husband and I just found the home of our dreams and have successfully negotiated a price that is of value. The builder is asking for 10k earnest money that is returnable for only 14 days for approval. I have some concerns with this as that is a big chunk of change to put at risk. I wanted to come to you all first before sending that wire and signing the contract

Currently my husband is pre approved for 380k with 5% down

House listed for 405,000 we have a contract accepted at 370k

Income: 125k salary 45k bonus
He was promoted midway through 2015 and grossed 136k in 2015. 2014 his w2 income was 60k and had a 30k bonus

648 mid score.

Low score is from student loan Kate's from 5+ years ago that went severely past due after coming out of deferment. (Have tried a million times to fix)

We have 35k in savings but just got that deposited from my husbands 2015 bonus deposited beginning of this month. Total cash to close from lender was quoted as 24k.

Here is my big concern that I didn't even think about. We just had the funds deposited into the account and they are not seasoned. We can prove exactly where it came from as it was a pay roll dwposit into our saving account.

Out DTI will be low but given the circumstances I am very concerned. Any advice out there?

I will not be on the loan as I stay at home

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10K in earnest money? I'm not an expert, but that does seem like a lot. For a point of reference, our earnest money check was for $5,000 and the house that we bought was $525,000 with 11% down. Can you ask the builder how or why they came up with the 10K figure?

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I agree. 10k in earnest money is a lot. We did 5k for our 400,000 house and that was considered above and beyond what was expected. Seems kinda fishy. 

[jwpezd]

The builder is MeritAge. I have it negotiated now to 5k but they seemed like they were making an exception for me. Sent all docs to uw today. Hoping to get a conditional approval asap. How long does that usually take?

[ghostVetFL]

That sum is not unheard of. We had to put down 13k for our VA home that we closed on in Dec. It just all depends on the market and demand sometimes. Also I agree with what everyone else said about the income.

[jwpezd]

I was told by the lender they are looking at what I am currently making. I was fortunate and went through three promotions in a 24 month span. I was told bonus would be averaged, but at my ratios it should not matter. I may be in for a surprise though when they get w2's.

[DallasLoanGuy]

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@jwpezd wrote:
The builder is MeritAge. I have it negotiated now to 5k but they seemed like they were making an exception for me(all a part of their sleazy used car salesman tactics). Sent all docs to uw today. Hoping to get a conditional approval asap. How long does that usually take?

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this is why you need a realtor for new construction