Mortgage Documentation Help (AKA I made all tlhe mistakes).

[Karen Johnson]

Hello,

Trying to secure a  mortgage for my first (deliberate) investment property and I made some mistakes. Now, I'm worried they won't approve the loan. Contract has financing contingency and contingency needs to be met in 2(!) days. If you summarize it, I really made 2 major mistakes (one of them repeatedly).

1 - Having someone else pay the earnest money deposit because I was out of town. Now, the lender needs to see me write them a check for this amount because they want to see that I did not borrow the money. It is that the money was actually owed to me, but there's no formal promissory note (short term family loan for real-estate related reasons). However, bank wants me to "re-pay" the funds for the sake of documentation. This would not be a problem if not for

2 - Moving lots of large amounts of money around in my accounts. All above board. All explainable. Not all easily documented. Largely done before we even found the property and after we were initially told conditions were all satisfied (but they were not). Now most of the money is in accounts not previously presented, and I'll need to explain (and document as well as I can) the transactions. That's the hard part.

My main concern - I'm going to try and document as much as I can. I'm not sure if it will be enough or not. I do have a financing contingency. as mentioned. If I don't get the commitment, what are my options, given that I am scheduled to close on 9/30? I believe I'm at risk of losing my earnest money. It will hurt if I do. 

Any advice for me? I'm already working on the documentation, but figured I'd post here in case there are options I haven't thought about. If there are any lenders reading this who want to PM me, I'm happy to explain in more detail to get the best advice possible.