If we are being gifted the down for our home and our assets are 300k in annuity, do we need to show our bank statements?

Asked by Mkingery1, 96707 Fri Nov 11, 2011

I have a very peculiar way of budgeting our finances but it works for us! We have never been late on rent, credit cards in the last 2 years or our car payment. We have 300k in annuity (to be used to show we can cover at least 6mos mortgage) and are being gifted 20,000 for down payment, closing costs are done by seller b/c it's in house. My only concern is that in one of our accounts (we have 4, one is for direct deposit, one for bills I split up so the funds can't be accessed, one for my babysitting/misc. money, and a checking account at a different bank) our direct deposit account, i have had NSF charges monthly (never negative for more than 1-2 days) due to me not checking account daily or unexpected charges and even some that are disputable! If we aren't using any of our 4 accounts as assets can we get away with not having to show bank statements? I think it's possible for the gift to be given and cleared directly with title company and not go through our accounts.

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Mkingery1, Home Buyer, 96707
Sat Nov 12, 2011
We will be disclosing these charges to our lender tomorrow as well as explanations as to why however it is the underwriter I am most nervous about. Im afraid that they won't understand my unique style of budgeting or take into account that most NSF charges were merely mistakes by me, but didn't effect any of our bills. I know our mortgage would never be late and we would be making plenty of money per month to more than cover it plus bills. Once or twice a month i honestly get busy and forget to enter a few charges in my register or disputable fees were made but not reversed by the bank. The closing costs are covered by seller as part of our contract agreement to clarify.
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Maria Morton, Agent, Kansas City, MO
Sat Nov 12, 2011
Closing costs are done by seller b/c it's in house? Are you sure Closing Costs aren't being done by the Seller because that is what is in the Offer To Purchase (Real Estate Contract) as one of the terms?

If you are going to use Gift Money, you will need a letter from the person giving you the gift money. You should allow a minimum of 1 month (I recommend 2-3) for this letter to be processed.

If you try to hide monies from your lender, you will give the impression that you are trying to hide something and possibly dishonest. This will not endear you to anyone and could have an adverse effect on the transaction.

When you do speak with your lender and your real estate agent, it is best to be honest. Dishonesty makes everything more difficult than it needs to be.
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