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

My husband and I were both going to cash out a week's break at our jobs. Almost $1500. This is to help us come up near cash for our down payment for our FHA mortgage. Is this allowable. I know they hold 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.
Answers:
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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 awfully much OK.

FHA underwriters look very, very closely at sandbank statements..don't start moving money around to make them question where on earth things are going..once that happens, you will have to dawdle 60 more days to give your bank statements a accident to stabilize. Source(s): former FHA underwriter
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To the best of my understanding you are allowed to do this, as it is considered earn income. And as for tracking you can simply disclose the earnings when meeting near your loan originator. Yes, they will go over your banking & financial documents with a FINE tooth comb.
Yes this is allowed you may use unused break money as a down payment as long as you can prove where the funds come from if this is a requirement of your mortgage underwriter.

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AS long as you have the correct percentage for down expense, it doesn't matter where it come from, as long as "it is from your own money" that is how i was told it worked, i received a contribution from a brother & father inlaw for my downpayment.....
Yes, it's OK. The lender's fundamental concern is that you are not borrowing money on the side from another source to fund the down payment.
No problem beside using vacation earnings as bit of your down payment
It's your money, you earned it and it can move about towards down payment
And if they need to track where on earth the down payment money came from, it's flowing enough to show them Source(s): tax pro
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 enjoy enough for the down payment, it does not issue if it is vacation money.


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