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I sold a boat for 2,500 cash did not think anything of it, is my loan going to be denied cause I can't prove owners ship of boat

by redrockerchick888496 from , California. Sep 28th 2019 Reply

Todd Glassman (Todd Glassman)
#1 ranked lender in South Carolina - 126 contributions

Give John a call at 864-907-1089. He is a certified mortgage advisor. He can help.

Oct 1st 2019
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,457 contributions

I assume this is in reference to a large deposit on your bank statement that the lender is questioning? I would need more information about your overall situation, loan type you are doing, home much money was in your account already, and maybe more. Generally speaking, lenders will always need your last two months bank statements to prove down payment money. Any large deposit that is obviously not payroll is going to get questioned as to where it came from. Selling things like a boat are acceptable, but they will generally request you prove you owned a boat, see a sales agreement, etc. Talk more to your Loan Officer for more information about options in your specific case. I lend in MN, WI, and SD. I can be reached at (NMLS274132)

Oct 7th 2019
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