Sourcing deposits

[Walt_K]

We are planning to apply for a mortgage in the next couple months.  I will be on the loan by myself as my credit is better.  I know we can't use my wife's income if she is not on the loan, but can we use her savings account for downpayment or reserves?  Or will I need to have her give that to me now to put in my account so that it's been in the account for a couple months by the time we apply?

[Anonymous]

First, congrats on your score improvements!

I think it varies somewhat by lender, but I think you should be fine using funds for downpayment from your wife, worse case scenario you'll need documentation that it's a gift and you're not required to pay it back.

[IOBA]

If it were me, I would open a bank account in your name only and have her deposit the funds into that account asap.

It just keeps things easy and simple.

If you can do regular deposits into the account, that helps too.

[Walt_K]

Thanks.  I do have a separate account in my name that I deposit to regularly.  She just has some additional money in her account.  I'll probably just transfer the money from her account to mine because there doesn't seem to be a downside and it potentially eliminates additional questions.

[IOBA]

Sounds like a good plan!

Remember, the more KISS you can do, the better!  

KISS - keep it simple simon

[lpayton]

In the Marines, we say, "Keep it Simple, Stupid."  I like "Simon" better though hehehe...

[IOBA]

lol - I thought it was nice NOT to say stupid, although that is how I learned the phrase too!