Asked by Ansh, 07005 • Thu Feb 16, 2012
statement. here is my information:
salary: 80K per year (same job for 3 years.)
my wife make 42K per year
Savings: 25K currently
Planning to buy home around 400K with Either 20K down or 50K down
I CAN get gift of 40K from my Father-IN-LAW too. He is happy to give gift and gift letter which says i don't need to repay him anything. but he may or may not give his bank statement.
He had 36K in his bank account from last 6 months. He is partner in a gas station which pays him lum sum of money every month or two. so he just got 25K CASH deposit in his bank account on Feb 1st.
so do you think this 25K cash deposit can create problem with my lender???
Also which loan would be better for me conventional loan or FHA?
I talked about this with 3 banks. Gave them full all detail about donor. Also told them ab 25K cash deposit in his account.
so there is what they said:
2 Bank Said They do NOT need statement of donor for Conv. loan - Only for FHA
1 Said Statement for ANY LOAN.
Which one is TRUTH?
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