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Seasoned Money Question
Good morning - up until now i've really been a lurker on these boards - so HELLO!
My husband and I recently had an offer accepted on the home - went through inspection with no issues and presumably will sign the contracts later this week. I'm beginning to shop the mortgage a bit and between the time I was preapproved and now, my credit has gone up quite a bit (yay me! - I worked damn hard for that). Now I qualify for a conventional loan vs. an FHA with 10% down.
So here is the question - I make majority of the money - and my husbands credit is a little behind mine (and has a little debt), so I was going at it alone as far as the loan - I can more than afford the house we are buying, BUT I have been diligent in putting money in a 401K - not so much a savings account (hence the 10% down). My husband had a good deal of family money in some mutual funds, which he liquidated and had transferred into our joint account about a month and a half ago. B/c he is not on the loan - would these be considered a gift?
If so (and i'm figuring yes), if i simply wait until my new bank statement at the end of the month to provide all the documents to the lender (in which case I have 2 months of statements where the money has already been in the bank)... am I good to go without all the documentation - letters, etc.
Thanks Nesties!
Re: Seasoned Money Question