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down payment

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down payment

before applying for a loan i took out from my account a major portion of my down payment about .  right before i applied i put back the cash amount . the withdrawal and putting back the money happened  all in a one month period. i have all the statements  showing the money was there for 6 months. will this cause any problems for the approval 

Message 1 of 4
3 REPLIES 3
Mike_B03
Valued Contributor

Re: down payment

They may ask for a Letter of Explanation explaining why it was taken out and then put back in but it shouldn't cause a problem.


Why was it taken out and put back in if you don't mind sharing?

Message 2 of 4
JM-AM
Valued Contributor

Re: down payment

Excellent chance they will ask for a LOE as stated.

 

Just because you submit a LOE as to why it happened, does not mean you will be approved.

 

Depending on what your explanation is and how the UW feels about the circumstances, will be a big part of determination.

 

YMMV depending on several factors...

Good Luck
May all your dreams and wishes become a reality!
Message 3 of 4

Re: down payment

thank you for the answers... i was about to give the money to a relative in need...but he didnt need it anymore ...i really was not planing on buying a house but i found one that i couldnt refuse Smiley Happy

Message 4 of 4
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