Consumption and Real Estate
Can I use this as some of our downpayment with an FHA mortgage loan?
Question : Can I use this as some of our downpayment with an FHA mortgage loan?
My husband and I were both going to cash out a week’s vacation at our jobs. Almost $ 1500. This is to help us come up with cash for our down payment for our FHA mortgage. Is this allowable. I know they have to TRACK our income so they know where it’s coming from. Is that okay, or should we cash the money, and use it for some of our groceries and other expenditures so that it cannot be tracked.
fha mortgage loan
Best answer:
Answer by nomo
They do not “track” your income, they verify it. As long as you can show your income is sufficient to make the payments plus normal living expenses and you have enough for the down payment, it does not matter if it is vacation money.
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#8 written by Expert Realtor 1 year ago
Yes it is.
You are not borrowing the money…this is legitimate pay.
As long as you can track it, and prove it’s not a loan, you are very much OK.
FHA underwriters look very, very closely at bank statements..don’t start moving money around to make them question where things are going..once that happens, you will have to wait 60 more days to give your bank statements a chance to stabilize.
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#10 written by THE GR81 1 year ago
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Yes this is allowed you may use unused vacation money as a down payment as long as you can prove where the funds came from if this is a requirement of your mortgage underwriter.
I hope this has been of some use to you,good luck.
“FIGHT ON”