Re: Down Payment

Posted by Matt on February 18, 1999 at 14:05:44:

In Reply to: Re: Down Payment posted by Chris on February 17, 1999 at 18:02:29:

"I did the same for my wife's little sister a few years later and since the money was in her savings account before she applied for the mortgage, it was never questioned."
Chris

Yes, the money is in our savings as of this past Monday. However, my three previous bank statements that I am required to bring to the application session will not reflect this since the deposit was so recent. Our sales rep on the house (we went with Ryland) said that the only way she thought a gift would affect our payment is in the PMI, and that might be a bit higher than if the down payment came from us. I guess being a first time homebuyer it's kind of hard to get use to all of the complexities of the sale. It seems like a down payment is a down payment no matter where the money comes from. I was told to bring account statements from my 401K and IRA to my application as these might add validity to my overall financial health.

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• Re: Down Payment -- PMI Traci 12:11:11 2/21/99 (0)

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: "I did the same for my wife's little sister a few years later and since the money was in her savings account before she applied for the mortgage, it was never questioned."
:  Chris


: Yes, the money is in our savings as of this past Monday.  However, my three previous bank statements that I am required to bring to the application session will not reflect this since the deposit was so recent.  Our sales rep on the house (we went with Ryland) said that the only way she thought a gift would affect our payment is in the PMI, and that might be a bit higher than if the down payment came from us.  I guess being a first time homebuyer it's kind of hard to get use to all of the complexities of the sale.  It seems like a down payment is a down payment no matter where the money comes from.  I was told to bring account statements from my 401K and IRA to my application as these might add validity to my overall financial health.


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