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bank deposits

New Contributor

bank deposits

 I apologize if I have wrote about this before. Ive beeen so frazzled by the whole situation, that I have lost some of my memorySmiley Wink Anyway, about three weeks ago I deposited $1600 in the bank. It was money that I had been saving for my downpayment. I quit smoking to save, and my girlfriend helped some too. My mom wasnt sure if she wanted to gift me the downpayment money or not. About a week after I deposited the money, she decided she would, and did. I didnt want to take the 1600 out of the bank, because I wanted to maybe use it to buy furniture and a new stove we are going to need once we move. Well, today the LO called and said the underwriter was questioning the deposit. I dint know that we werent supposed to do such a thing until reading these forums, and by then it had already been done. The LO doesnt know how this is going to affect the whole thing. We are scheduled to close a week from today. Could this deposit blow the whole deal? now I am stressing about a new issue, after every other hurdle was cleared!

I realize it is the weekend, but are there any pros out there or anyone thats been in the same situation that could offer advice? thanks in advance!

Message 1 of 5
4 REPLIES
Senior Contributor

Re: bank deposits

Haven't these LO ever heard of *rainy day* funds?  Sheesh. 

 

We were going through the process and I deposited a couple thousand bucks I had from a garage/moving sale.  I just wrote a note saying that was where the funds came from. 

Message 2 of 5
New Contributor

Re: bank deposits

 

      oh, exactly! We dont always want to put every dime we have into the bank. The LO did say that she was going to try and  work something out. So, I guess it is just another part of the waiting game.

Message 3 of 5
Senior Contributor

Re: bank deposits

this will not be an issue as long as you do not need those funds to close.  They can just subtract that from the available funds if they are not comforatble with the sourcing of the funds. 

Message 4 of 5
New Contributor

Re: bank deposits

 that makes me feel a little better, thanks. dont need the money for closing, the seller (bank) will be paying closing costs and pre-paids.

Message 5 of 5