Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012
So I went to Vegas...
And my husband gave me some spending money. I, like an idiot, deposited it in my account. And of course, underwriting wants to know where the deposit came from. I know they are only making sure it's not a loan, but how do I explain it? It's only $300, I kept the rest in cash and I had much more in the account at the time. The money came from a security job he was paid for in cash. Other security jobs are 1099, this one wasn't. Any suggestions?
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
Re: So I went to Vegas...
Tell them its a gift... its such a small amount; are they really not going to give you a house because of that?

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Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012
Re: So I went to Vegas...
True. It was a gift. But from my hubby who is on the loan. I doubt they'd deny the mortgage because of it. I can only find 1 paystub (from another security job) within 30 days of that deposit to support that amount of money. If I thought anyone at the mortgage company would answer a call or email, I would just ask but their response time is TERRIBLE! Wanna know the best thing about it though? That was my toughest condition!
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
Established Contributor
namvet
Posts: 866
Registered: ‎09-22-2011
Re: So I went to Vegas...

Don't worry about that small deposit.  I doubt your underwriter will question it.  It's the larger deposits ($1,000+) that need to be documented.  If for some reason it was questioned just say you deposited some cash on hand.  I am a Mortgage Banker. 

Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
Re: So I went to Vegas...
Definately... you could even say the gift was cash on hand in his wallet. I'm assuming that your husband is a typical guy who usually pulls a few hundred bucks from the ATM... it would be real easy to prove that he had the potential to have 300 bucks of cash in his wallet. Have your husband write a gift letter...

Starting Score: 08/29/2011 TU 671 EQ 674
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Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012
Re: So I went to Vegas...
Will do. Thanks to you both!! I'll let you know what they say!
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011
Re: So I went to Vegas...

scmami wrote:
And my husband gave me some spending money. I, like an idiot, deposited it in my account. And of course, underwriting wants to know where the deposit came from. I know they are only making sure it's not a loan, but how do I explain it? It's only $300, I kept the rest in cash and I had much more in the account at the time. The money came from a security job he was paid for in cash. Other security jobs are 1099, this one wasn't. Any suggestions?

Really depends.... Mine asked me about EVERY deposit that wasn't a paycheck...even though its only $300 the will subtract from your current balance on your statement....since the $300 is not seasoned and unverfied that gets backed out a....My wife lost her job while we were under contract and I put a few grand in the bank to pay bills and groceries on top of what we had for down payment and the backed it out and almost didnt close. The lender didn't buy my Dave Ramsey emergency fund.

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Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012
Re: So I went to Vegas...
They have it listed as one of my conditions. I have a couple of legitimate paystubs I could use from unrelated security jobs... If they don't want to count the $300, but I still have enough to close I guess I should be fine. Let's hope someone actually returns my call Monday!
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
Contributor
MissKay
Posts: 111
Registered: ‎02-05-2012
Re: So I went to Vegas...
I had to show a cancelled check and have a gift letter for $300. He'll I had to show cancelled check for my $89 nj state refund.
They will have ur husbands bank statements and see there isn't a $300 withdraw. I would say a gift from someone else IMO YMMV
Good luck

Starting Score: 595 2/5/12
Current Score: 650 midscore lender pull 7/24/12
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