Will I get approved?

[Nan425]

My Fiancee and I are in Underwriting. Estimated closing date is 3/27/14. Lender pulled middle fico score for me at 660 and Fiancee at 705. We are going FHA 30 Year Fixed and 3.5 down is $11,800. We have combined savings of $40K in savings account (all are payroll). I make $43,200 and he makes $58K. House is $340K. I have the below concerns about my cash deposits:

1) Fiancee and I live togethor. I am only one on rental lease and we split bills in half. He gives me cash and I deposit about $1000 cash to my bank account every month, multiple deposits. I know that each deposits will need LOE. I can confirm the cash deposit in my bank statement by matching with his withdrawals on is statement. Will this be enough?

2) I gave them last 2 months of both my checking account. One checking account is all my savings about $15K and it is all payroll deposits. The other checking account is for paying bills. It usually has $100 balance because I use this account to pay bills. I have alot of cash deposits in this and cannot explain about 3 large deposits ($1380 and $800). I cannot provide a good reason/proof for these deposits, will this be a problem with underwritter? We have more then enough money in reserves in other checking accounts, would that matter? I like to keep about $1000 cash on hand for emergency. I somethimes deposit and withdrawal money from this account. Alot of cash moving around.

Thanks!

[HouseBuyerGuy]

1) Typically the deposits sourcing matters if those funds are being used for the downpayment. If you have 40K in the bank and your downpayment is $1,100, those deposits aren;t needed for closing so it probably won't matter.

2) Why don't you have a good reason for the deposits? The truth should be good enough, unless it's something illegal like drug smuggling

[Nan425]

I usually have cash on hand and frequently deposit money and then later withdrawal money. I have a lot of withdrawals and random deposits in one checking account. All money I have on hand is all payroll, it is just hard to explain because I have not kept track of all money I withdrawal and overtime it gathers. I keep money at home for emergency. I better stop depositing money into my bank account.  In the savings checking account we have about $40K cash and down payment is only $12K and we already gave $5K earnest money. Do you think this will be a problem for UW because I depost/withdrawal so fequently? 

[StartingOver10]

Is the cash on hand strictly from the withdrawals?

If so, just let your deposits accumulate in the account and don't withdraw for cash until you close.

[DallasLoanGuy]

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@nsisaat wrote:

My Fiancee and I are in Underwriting. Estimated closing date is 3/27/14. Lender pulled middle fico score for me at 660 and Fiancee at 705. We are going FHA 30 Year Fixed and 3.5 down is $11,800. We have combined savings of $40K in savings account (all are payroll). I make $43,200 and he makes $58K. House is $340K. I have the below concerns about my cash deposits:

1) Fiancee and I live togethor. I am only one on rental lease and we split bills in half. He gives me cash and I deposit about $1000 cash to my bank account every month, multiple deposits. I know that each deposits will need LOE. I can confirm the cash deposit in my bank statement by matching with his withdrawals on is statement. Will this be enough?  should be fine

2) I gave them last 2 months of both my checking account. One checking account is all my savings about $15K and it is all payroll deposits. The other checking account is for paying bills. It usually has $100 balance because I use this account to pay bills. I have alot of cash deposits in this and cannot explain about 3 large deposits ($1380 and $800). I cannot provide a good reason/proof for these deposits, will this be a problem with underwritter? We have more then enough money in reserves in other checking accounts, would that matter? I like to keep about $1000 cash on hand for emergency. I somethimes deposit and withdrawal money from this account. Alot of cash moving around.

Thanks!

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write a letter explaining the cash deposits. they will be deemed unacceptable funds.... so your total on hand cash will be reduced by those 2 amounts for underwriting/qualifying.