My buyer had an 840 credit score, 20+ years on his job and 20% down. Why couldn't he get a mortgage commitment? His wife of 10 years is from Bali. She has a "green card." Last year, they lent the wife's sister $6500 in cash. To buy the new house, the sister gave them $6500 back--in cash. No bank. The lender did not want to make the loan because there was no paper trail for that money. I'm still in shock. So is the mortgage broker. He wants the sister to fill out a "gift" letter and write a 2nd letter to the lender, explaining what happened. The sister already described the money as a loan, not a gift. She is afraid to look like a liar to the bank. Bottom line: Deal is Dead.
Contact The Author
Philadelphia real estate agent who helps buyers and sellers enjoy the benefits of better building performance. Energy efficient buildings sell for more money. They are more comfortable and healthy to live in. They save you money on your energy bills every month.