Can I use this as some of our downpayment with an FHA mortgage loan?

Posted on Sep 10, 2012 in FHA Information

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15 year fha mortgage rates
by marsmet526

Question by : Can i get a 5 year mortgage plan?
Right now i have a 15 year plan (Wellsfargo) and now only have 6 years to go. I want to lower it to 5 years if i can. My interest rate is 6.5%. I saw online that i can on the Wellsfargo website or that it is offered but it says 5-year ARM & another with 5-year ARM FHA. What does that mean?

Best answer:

Answer by Bert
why bother with re-financing? Simply look up an amortization chart and increase your payments to cause the loan to fully amortize in five years instead of six. Trust me, cheapest it’ll cost you to re-finance.

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fha mortgage help
by SS&SS

Question by Iamme1979: 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, about it or should we cash the money, and use it for some of our groceries and other expenditures so that it cannot be tracked.

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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4avg.rating 18 votes.

10 Comments

  1. To the best of my understanding you are allowed to do this, as it is considered earned income. And as for tracking you can simply disclose the earnings when meeting with your loan originator. Yes, they will go over your banking & financial records with a FINE tooth comb.

  2. Yes, it’s OK. The lender’s main concern is that you are not borrowing money on the side from another source to fund the down payment.

  3. 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.

  4. No problem with using vacation earnings as part of your down payment
    It’s your money, you earned it and it can go towards down payment
    And if they need to track where the down payment money came from, it’s easy enough to show them

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