Question on buying a home while OE. I am only b...
Question on buying a home while OE. I am only buying based off of 1 job income. However, I want to use my savings from my other jobs to purchase. I am told you have to show where the money came from (bullshit regulations) but would this end up putting those jobs on my credit report?
12 Replies
Thread automatically created by Nmz in #🤔｜questions
genetic-orange•4mo ago
Do you? I was never asked for anything but some paychecks and a few bank statements
rising-crimson•4mo ago
Bank statements and paychecks generally how they source the down payment
Yep. If it's been there a certain amount of time, then the money is seasoned and you can use it no questions asked.
Source: I sold a home to a drug dealer. He used drug money
national-gold•4mo ago
@Nmz they ask for two months of bank statements and once more right before closing. Just make sure to not do any big transfers during this period and you'll be fine.
metropolitan-bronze•3mo ago
Well the issue is that I want to use these savings from my other J. They are in different accounts.
I’m fine showing the statements and paystubs but I just don’t want it on my credit report.
genetic-orange•3mo ago
If the money has been sitting in a savings account being boring, then you have no problems
They're not going ask you where it came from. They're just gonna be like, "yep, that is a lot of money you have saved from some moment in the past before we asked for bank statements"
If you trust your lender you can even explain what you don't want.
national-gold•3mo ago
Move it to the account where you get the paycheck from the J you are using. Wait two statement cycles
metropolitan-bronze•3mo ago
Thought of another solution actually, can do a 401k loan and immediately repay the loan with the money from the other account
national-gold•3mo ago
welcome to laundering money for legal reasons in legal ways.
Note that any large influxes or outfluxes over $250, can be questioned by th broker and they may ask for a need a letter of explanation.
this is the way