Real Estate Home Mortgages/gift money

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Question
I recently was denied a loan due to the fault of my first broker asking me to put some gift money into my account.  I was not able to furnish a thirty day bank statement from the person who loaned it to me..   so I went to a new broker...  He explained that because I have a credit score of 642, 5000 saved, the only thing that was off was my thin credit history, he said otherwise, no extra money should have been deposited...   so he had to refuse the loan, and I am out of earnest money, inspection money, the 3.39 apr, the house I have been working on....  the first mortgage broker had said that he does not care what happens to the money after closing...  I am now stuck with a bad looking bank statements that everyone will question... I feel like he lied to me and made me do something suspicious and that is now going to have an affect with future home deals...  I am also a first time home buyer, and a disabled veteran...  what are options....

Answer
If the $5000 gift funds are not sourced from an acceptable source.... as a gift and not a loan.... Then that money is simply not allowed.
Ex:  You have 410,000 in the bank, we would put $5000 on the loan ap and that other $5000 would not be used.

I notice that you called the funds a gift..... that someone loaned to you.
Which is it? A gift? Or a loan?  
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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

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Tom Burris

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I can answer any question regarding Mortgage loans for Purchase or Refinance. I currently work as a Mortgage Banker in Dallas, TX and have experience as a Mortgage Broker. The favorite part of my job is helping First Time Home Buyers. I also consider myself an expert of Credit and Credit Qualifying for a home loan. Many of my loans are the result of showing clients how to credit qualify for a loan after they were denied in the past. We do FHA, VA & Conventional Financing. I have extensive experience in Investor Loans as well. I will NOT answer questions about 'getting around guidelines', ect. Or if I sense that you are trying to call your 'investment' property a primary residence, I will reject the question. I will ALWAYS err on the side of caution if I sense that the question is fraudulent in nature.

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