My future mother in law x-fered money into our saving account to be used for our wedding. The wedding is 8 months away. Can we count that money as our assets toward our loan? we are ok right now, we have at least 5 mo of assets at the loan amount we are at now so we really dont need to count.
If the money has been in the account longer than 2 months when you apply for the mortgage, you should be able to count it. The lender will ask for the last two months of banks statements, maybe three. You want to make sure the money shows up on both statements. The ideal would be that the is already in the account and not showing as a deposit made on the statement.
They could also ask for a VOE - Verification of Deposit - and I'm not sure how far those go back, but it could be longer than just 2-3 months.
As long as your MIL writes a letter saying she gifted you the $, and doesn't want it paid back, you should be fine.
Are you buying the house before the wedding or after the wedding?
Will you have enough saved up for a house, if you don't count the gift money?
Would your MIL be ok if you used the money for a house?
But the house before the wedding
Yes, based on my counts, we will have about 9100 not including the extra 3k for the wedding. After closing and downpayment we will have 2200 left over. But what my LO does not not is that we already have a verbal with a seller and they agreed to give us 2k cash back at closing.
She would not mind, we just need to use the cash back we receive to go towards the wedding.
Ok, you are buying the house before the wedding.
The more money in savings that the underwriter sees, the better. The longer it's in the account, the better.
The verbal with the seller - is it in writing ANYWHERE?
Do you have a purchase agreement/sales contract yet?
When are you planning to buy the house?
we submitted a written offer via our realtor, they verbally countered, we verbally countered their counter and they verbally accepted. They are meeting with the realtor hopefully today or tomorrow to sign their half of the countract and then we meet.
As far as the money being in the account, my MIL trasfered the first 2k a couple of weeks ago, and is transfering the other 4k today. 3k was a home gift the other is a wedding gift (ie pay for the wedding)
When you guys sign the updated sales agreement, make sure it's written in the contract that you will receive 2k at closing. It will mean that you need to bring a little less to the table at closing. BUT still stock pile as much money as you can between now and then. The more the better! AFTER you close, you can do what you want with the money in your account.
Thanks! We are not in the clear yet tho, the bank has our file to increase the loan amount from 40k to 53k Our DTI only increases from 30% to 33% and i know we will have enough as of right now for at least 2 months piti, not including the MIL money.
I am just sitting here biting my nails waiting for the answer i should be fine, but i scare myself sometimes