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Reply to "question about qualifying for mortgage"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I have a friend who mortgage just fell through (after initial pre-approval) because she was using funds received from a relative. Lending companies like the downpayment to have been in your accounts for a couple of years. [/quote] That's simply not true. And you can also get a gift letter documenting where the funds came from, and showing that they do not need to be re-paid. [/quote] It is true, because it happened. They wanted the downpayment to be a product of her own income and assets (so maybe I misspoke that you need to have it for a couple of years, I think it's probably enough to document that you generated it over time). A letter didn't help and she lost out on the house. I'm not saying it's a given for all lenders but it was for this one, and she wasn't able to line another one up in time to salvage the sale. [/quote]
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