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Posts: 680
Registered: ‎04-21-2010
Re: Why can't I use money I set aside for Closing?

Asus wrote:

Acutally I didn't touch it, they just informed me that that money can't be used towards closing, thus giving me no funds left for closing. 

Hi Asus. Welcome to the forums. I had a similar experience to yours. The underwriter told us that new deposits to accounts that were to be used for Closing costs had to "age" for at least two months in order to be used for closing costs. Perhaps a letter of explanation to the underwriter or your broker would help. A simple explanation of the source of these funds would suffice? Maybe some other forum members will chime in with better advice. Hope this helps. Good luck, and don't give up. Veracious
"You may never know what results come of your actions,
but if you do nothing, there will be no result" ~ Mahatma Gandhi