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Totally NCR but y'all will get a kick out of this
Most of you know that DH and I are in the process of buying another home. If any of you have done so lately, you know the process is soooo much "pickier" than it was several years ago thanks to all that has happened.
Anyhow, the lenders literally comb over your bank statements looking for "gifts" (which apparently is any "large" deposit that does not come from your employer).
Back in April, we had to pay for a procedure OOP because insurance initially said it was only covered at a certain percent. Well, when it was submitted by the doctor--insurance ended up covering all of it. The doctor issued us a reimbursement for the money we had payed (about $1300).
Today, I had to talk to the billing office of the doctor's office to get them to write an affidavit to submit to the lender that this was a reimbursement and not a gift.
Apparently the lenders' doctors must randomly gift them "large"amounts of money.
We must all be going to the wrong drs.
(off to finish shaking my head over the absurdity of this process)
Re: Totally NCR but y'all will get a kick out of this
Oh, wow! That is insane! I was so worried our lender was going to question where my in laws came up with the cash they gifted us. mil isn't exactly honest w/ uncle sam.
hope everything goes smoothly from here!
L'isle Sur la Sorgue, Provence
Crazy isn't it. It is a case of the pendulum swinging to the extreme. 6 years ago they handed out loans like candy. Now it takes a small forest of papers and "cross checks" to get it done. The good news, it is going to happen--it is just silly the hoops that have to be jumped through (especially considering DH and I each have REALLY good credit scores and the assets needed for the downpayment and reserves). I know that part of why they are being picky is because we will own 2 homes--so we continue to "play their game."
My Valentine Bookends (2~13~13, 2~15~09)
Isn't buying a house in this economy so much fun!! I bought a house on my own, as a single, working 27 yo. Only major issue was the rush to close in 30 days.
DH and I bought a house last May, we practically had to sign off that we would give them our first born. Even up to the minute we closed we weren't sure if we would or not, and they were still asking for documents. And even though I was on the mortgage, I had to sign a letter that I was gifting the money out of my personal account to BOTH OF US to buy the house. HELLO!?!? Really? Gifting myself money...
Hang in there
.
LOL! DH and I have money that is being held "hostage" right now. He has an account that he had since high school that still has his dad's name on it. He never thought to take it off and, since it is in the small town his dad lives in, we felt it would be a good way to keep some liquid funds available for his dad if he ever needed them. We can't use it for any part of the purchase of the home unless his dad "gifts" it to us (and pays the gift tax later). Luckily, we have enough in other accounts to cover so we don't have to "gift" it and then try to find a way around the tax, but it is crazy! So, I understand the irony of having to "gift" your own money!
My Valentine Bookends (2~13~13, 2~15~09)
L'isle Sur la Sorgue, Provence