@Anonymous wrote:
Really need an answer for this.....Haven’t gotten a solid answer yet
A student refund of $5000 was deposited in my account on January 2015, and that cash refund is part of my down payment, is that allowed? I already have conditional Approval and I am currently in underwriting. Today (3/11) I submitted the conditions paperwork and in the paperwork, my bank statement of Jan 15, show the student loan refund.
The refund came in to my checking account that also received my W2 Direct deposits. Just to add I make decent income month to month and my loan officer thinks my income is ok but we did not talk of the student loan refund
Is this an issue in manual Underwriting? Anyone with experience dealing with such a situation?
Here is my situation
Home Location: North Texas DFW, TX
Purchase Price: $205,000 (closing paid by seller - $6433)
Property: New construction - 2722 sq. ft. + garage
Submitted Offer on: 2/04/15
Signed Contract on: 2/08/15
Ernest (Deposit) Money: $500
Lender Name: DHI Mortgage
Notes about Lender: Great to work with But the sales person at the community is very poor in communication –LO excellent
Type of Loan: FHA 30 year fixed
Inspection: Not done
Purchase contract addendums: $10,000 worth of upgrades closing paid by seller - $6433
Loan Rate: 3.75% - Locked
Mortgage Commitment Letter:
Appraisal Ordered:
Appraisal Scheduled:
Appraisal Completed:
Went to underwriting: 03/02/2015
Underwriting Complete: Approved with Conditions.03/08 and Met condtions 3/11
Final Approval:
Walk Through:
Closing Date: Scheduled for 03/31/2015
Are you able to tell me if you were approved. I am in a very similar situation!
