Hopefully someone has encountered this before, or at least knows how UWs might look at our situation...
My wife and I are under contract for new construction, but we had to contract earlier than preferred due to the rate at which the neighborhood was filling up. Long story short, we have our credit cleaned up to a reasonable level (my scores are ~695 725 705, her scores are ~680 720 700), we got our house sold (31 days from market to close!), and got our DTI into comfortable range for the new house. The main issue is that we had just started saving for the DP when we decided that we needed to pull the trigger and get contracted, so it's unlikely that our funds will be fully seasoned by closing, as we are saving as the build progresses.
The loan will be conventional, since it's over FHA limits. We're putting 5% down, along with getting some closing costs paid by the builder and bonus closing funds from using their home sale program. DTI with the new house will be ~39%. Roughly half of the downpayment will be seasoned for 2 months prior to closing, but the other half will be saved up until closing, along with some reserve funds. All the money won't be seasoned, but can be traced directly to our payroll deposits.
In a perfect world we would have been able to wait a bit longer, but circumstances didn't favor us getting the spot we wanted if we waited even another 6-8 months. Any ideas on seasoning in a situation like this?
