Re: Cash (not check) downpaymen
04-20-2012 04:47 AM
I am in UW and they are very stringent about cash gifts. Any unexplained check or cash depsit has to have an money trail and it has to sit in the bank for at least one month.
For example my exhusband is contributing $3000.00 to my closing cost, my MB stated that he have to give bank statements to show that he had the money to give from his accounts and I had to write a letter of explanation as to why he is giving me this money and that it is a gift. Now mind you my ex-husband told me that he isnt giving any one his bank statement. Thank God that I am getting a USDA Loan and I dont have to pay a down payment and the Sellers are paying for most of my cosing cost so the only out of pocket money that I am out of right now is the Earnest Money Check in which was factored in with the closing cost. Talk with your MB as to how to handle this.
Fako October 2012: TU 706, EX 641,