Lender requiring Comfort Letter

[Corey W.]

I'm in the process of purchasing my first duplex. This is one I'll be "house hacking" so I applied for an FHA loan and made an offer on a property. However my lender is now requiring a comfort letter from a CPA. My regular CPA did not want anything to do with this, so I've reached out to 3 other CPA's who either did not get back to me or had an excuse saying "they were busy". It seems no CPA wants to touch it, the lender even offered my CPA a letter of no liability if they were to write the comfort letter. Or even that the comfort letter would only be used as an opinion and could not be used for any legal kickback, issues, etc.

I'm self employed and essentially I run my own business. I already gave my lender Q1 P & L statements, all my bank statements and 2014-2015 tax returns. But he is saying because I've transferred money from my business accounts to my personal accounts within the last 60 days, there is no other way to get the loan. Essentially those transfers were like my business paying myself.

Has anyone encountered this or have any advice that may be able to help me get the loan?

I appreciate any advice, I'm not quite sure where to go from here unless I pass this deal, let my personal accounts "season" for 60 days, then try to purchase another property.

[Chris Mason]

@Corey W. - The consequences of commingling funds should have been addressed at the preapproval stage. 

For the lurkers - On paper it needs to be 100% clear that you're not bankrupting your source of income to help you purchase a house. Easiest way to do this is just to move the funds into your personal account two bank statement cycles out, "seasoning" them.

Back to you, Corey: A trick I have done in the past, when the funds were moved more than about a month ago but still within the most recent two bank statement cycles... for example if you went into contract today, and your March statement had the transfer.

• Tell you to only send me the April statement. 
• Include the April statement in loan file.
• Underwriter conditions for a second month.
• Hey what do you know, another month is closing out in a few days. Include May statement in the loan file.