Skip to main content

Using Tax Return To Buy house (Source and Seasoning issue?)

Hello All,

So wife and I got a sizeable tax return, roughly 8k. We are currently renting and our landlord told us he was selling house and if we wanted to stay we could and he would have the buyers honor our lease or we could move on. We decided to look into buying a house. I got a pre-approval VA loan from Huntington and started shopping. We have found the house, offer accepted, paid earnest money and all is good. Maybe I am looking into this too much but I am worried about the seasoning. I had about 1200 in the account before the tax return, we just got married and we spent a big amount on our wedding and honeymoon so I am re-couping. I do make much more than the average 25-year-old (113k in Ohio), and deposited $1500 into the savings not too much later after the tax return with another 2k going into the savings this march. My worry however is that the 8k and 1500 have not sat in the bank account long enough and the underwriter will deny us the house loan. I didn't even know about source/seasoning until after all the offering phase etc.. when I decided to look into why a loan officer wants your bank statements. I guess what I am asking is, are we f'ed? Thanks for any help you guys can provide.

submitted by /u/Sys_Point
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/fb4kvm/using_tax_return_to_buy_house_source_and/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Looking for Prospective Opportunities to Utilize Floor Plan Redraw Skills

"Hey HomeOwners & Investors , I have a team of 10 professionals who are trained in redrawing/redesign floor plans in both 2D and 3D interior& exterior using floorplanner.com/3ds Max and TruView point cloud. We're looking for prospective opportunities to utilize our skills. Are there any companies or individuals in need of accurate floor plans and measurement reports ? Any suggestions for where to start looking? Thanks in advance for your help!" submitted by /u/mangojuicelife [link] [comments] source https://www.reddit.com/r/RealEstate/comments/119uoh0/looking_for_prospective_opportunities_to_utilize/
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more