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Fha loan and settlement check

I'm in underwriting for fha loan. I just received a large workmans comp settlement. How will this affect the loan process? by beth.huber6028 from Blue Springs, Missouri. Sep 19th 2017 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

It shouldn't affect it at all.. but you should call your loan officer and let him know before you do anything.. typically, if you make a large deposit, then the lender will require a copy of the check and a letter of explanation detailing its source.. Now, if you just sold 5 kilos, and are depositing a large amount of "Cash" funds into a disclosed account,,, then as they say.. "Houston, We Have A Problem"!!.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Sep 20th 2017
Sara Deere (Mortgagequeen2)
#16 ranked lender in Missouri - 597 contributions

I agree with the previous reply to this question. You just need to be prepared to paper trail the large deposit, if the funds went into the account your loan officer has in the loan file.

Sep 21st 2017
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