I'm buying a property with an FHA loan and I'm short $800. I'm in the underwriting process. I have the money but I can't account for it. Is there any way around this?
@Charles Williams ask the loan officer if they can increase the rate and provide you a lender credit. This should reduce your funds needed at closing and increase your leftover assets. Other option may be a gift from a family member.
@Eric Veronica Thank you I will try that tomorrow.
@Charles Williams They told me that I couldn't use a gift letter for reserves.
Then give them a reciept for labor cleaning their yard for $800
@Charles Williams Provide 401k or IRA statement to your lender if available.
@Charles Williams The gift can be used towards down payment and the funds you were using for the down payment can be considered reserves. The donor does not have to state that the gift is going towards reserves.
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