Anytime, you are "not telling the lender" something you are walking on the edge of fraud so I would hesitate to do that.
You are not required to disclose funds that you have as long as they were not borrowed and/or you are not using them for the loan settlement or as any reserves that may be required for the transaction. And even if you did disclose it, it would not hurt anything, the underwriter would just, in effect, "throw out" the asset as not verifiable to be utilized in the transaction.
If you can build up enough money that can be sourced from your income to meet the loan program guidelines and don't deposit the $20,000 into this particular account, you should be ok for the financing.
I'm available to help you at your convenience if you wish.
I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage. Everyone likes to raise their score!
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Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
Direct: 240-752-7549 Cell: 301-651-7822
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