Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Downpayment Woes HELP!
So after the wedding, we wound up with roughly 40 K and we have been in contract forever on that house i mentioned previously on the Knot.
So, now we are about ready to close and the bank with the house price etc. is wanting to see 40K in assets/monies before we get a clear to close. This is the downpayment and the closing costs together...very high...but now i finally realize why..its because of the time of year and taxes etc.
We were asked to get a gift letter for 3 K and that was it at first...we did that.We had a grant and other monies to put down totaling what they wanted. But now im confused because they want us to show 21K and get a gift letter for that.
All of that money is technically ours. we got it from the wedding and saved,...but this is getting to be a real pain in the A$$ with the bank. I essentially am taking the money out, giving it to my sister in law, and having her give us back the money as a bank check to RE-DEPOSIT in to our own account. WTF is the point.
I mean really the moneys been in the account for over a month already...and obviously its going to show a withdrawl and a re-deposit of the same exact amount. You would think it wasnt that huge of a deal to just have someone certify that it was wedding money from various sources.
UGH i really hate buying this house. not only is it depleting our whole savings but it causing my husband and i to want to run away and move to the Caribbean. Not necessarily a bad thing.
DOES ANYONE HAVE MORTGAGE EXPERIENCE. Help me!!!
Re: Downpayment Woes HELP!
I don't know how to help, but its probably because the bulk of the money being from the wedding, means that the bank can see that it was all recently added, therefore not a good basis of what you make and are able to save. The bank probably wants to know that you can carry the morgage and since they can see that you didnt have the money before may, and that it was gifts rather then income they want to make sure theres nothing frudulent about it (soming giving you the money and buying a house with the intention of transfering it to thier name later or something). I doubt they mean take it out and put it back in, they want to know where it came from in the first place. You might be able to just sign a declaration yourself saying its all money you recieved as gifts. I would call a laywer (if you can afford it) or an uninvolved lender and ask for 3rd party advice.
I know when we closed on our house we had to prove that the money was ours because it was coming out of a rrsp managed by H's dad, and to do that we got his parents to co-sign and as long as we dont miss a payment in a 12month period thier names automatically come off the deed.
My Blog:Through My Eyes
what sucks is....we DO have the means of paying for the house....I just paid for a 40 K wedding myself and there in lies the issue. there is so much money going in and out of accounts over the last year it probably looks weird... because we had 40 grand + in the bank over the course of the last year,...it was never in there all at the same time.
we were fortunate enough to save and pay for everythign 100% by the time the wedding rolled around. but it only left us with maybe 7 grand of our own savings.
I use to work in this field before I decided to stay home with DD.While I don't know much about U.S mortgages. But in Canada They require the letter to prove the money does not have to be paid back. If the down payment is loaned then they cannot put the mortgage through.
They probably want you to take the money out and re- deposit it so that you only need the one additional letter versus letters for every gift amount.
Any money you saved yourself and they are making you do this is just plain weird.
My Blog