Gifted down payment for FHA issue?

[Lynette Gryniak]

Happening right now....

My fiancé got approved by a lender. I gifted him the money to use for the down payment. Well it's an FHA loan so they asked me to show them bank statements which I did. I had a $13,000 check deposited four weeks prior from a client of mine. I am a business owner and for some reason they were having a hard time accepting that deposit. So right now we are literally waiting for the underwriter to give us an answer. We were supposed to close tomorrow! I don't understand why they are so strict. I literally wired the money right from Wells Fargo to the lender. The funds were 100% available.

Anyone ever go through this?

Lesson learned. Next time I’ll cash the check, give it to my fiancé and let it “season” for months and then he can wire it from his bank.

I’ve never dealt with an fha before and never want to again!

Any suggestions on what to do if the lender declines us last minute?

[David Martin]

@Lynette Gryniak do you have any line-item invoicing or receivables documents that indicate that this is money generated from a normal business transaction? Perhaps a contract for the work done? Anything like that should substantiate the source of funds for the lenders underwriter.