Common sense stuff, but a good reminder for those on the hunt!
The “Don’t dos” of home buying :)
- Thread starter El_flasko
- Start date
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Common sense stuff, but a good reminder for those on the hunt!
scrovak
Back in the "Free" State
- May 2, 2011
- 2,874
How far out from the buying process do you recommend a freeze on employment actions? More specifically, if switching to, say, federal employment from contract employment, how close is too close to closing?
scrovak
Back in the "Free" State
- May 2, 2011
- 2,874
Ryan can correct me if I'm wrong, but I believe they are treated as windfall income. You can use it toward a down payment, or stick the winnings in an accou t to draw from as a mortgage payment, but since it's profit from gambling, it obviously cannot be considered income when determining what you qualify for.
For example, someone working at McDonald's for $26k per year who wins $50k from a scratch-off ticket won't be viewed as a $75k annual income
Does that make sense?
FrankOceanXray
Ultimate Member
- Oct 29, 2008
- 12,036
*Don't burn your old house down to "free up cash"
Right. Pay a guy from Craigslist to do it.
FrankOceanXray
Ultimate Member
- Oct 29, 2008
- 12,036
What's the cool down period on these hot and heavy deposita?
budman93
Ultimate Member
I would also like to know about the cash deposits. How far out from the loan process is ok and when should you stop? Can moving money between accounts cause any problems?
SummitCnty
Ultimate Member
When I bought my current home 6 years ago the lender asked us about two random deposits into our checking account from six months prior maybe.
One was a $40 something cash deposit and the other a check for $7. Had to do a lot of digging to figure it out but one was a $7 oil rebate check and the other was change from my kids piggy bank when he was saving up to buy something. Sometimes it can be a pain in the ass.
One was a $40 something cash deposit and the other a check for $7. Had to do a lot of digging to figure it out but one was a $7 oil rebate check and the other was change from my kids piggy bank when he was saving up to buy something. Sometimes it can be a pain in the ass.
Should i try the toilet in a home i would be buying to see if it could handle things ?
Ryan would be the one to answer correctly, but iirc it was 2 months when it happened to me 12 years ago.
If there is no gap and the method of pay is consistent you can move just prior. Message me any specific questions
It does and correct. Although I have seen a couple instances with professional gamblers work out but it was funky.
*Don't burn your old house down to "free up cash"
Asset deposits should only go back 60 days/2 months statements. If you have cash deposit it well before then. 
j_h_smith
Ultimate Member
- Jul 28, 2007
- 28,516
I have a solution to all of these worries....
Just pay cash for your new home. See, I told you it was easy.
Just pay cash for your new home. See, I told you it was easy.
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