04 Jul Had a large deposit ($54k) on April 4 from rents my parents collected for me (i own a bunch of rentals). Mortgage underwriting issues?
So basicallly I own rental properties and my parents assist and collect rents for me. They also use the funds for projects and themselves (ie a short term loan) but pay it back so not a big deal.
Wife and I found a home and put in an offer and I started the mortgage process yesterday (July 3). I forgot about this large deposit. Will it be an issue with underwriting since it’s not clear where it came from? I can only explain to them it was money lent to my parents short term and repaid.
Edit: more details – everything else is on the up and up. Income is fine and we don’t require a sales contingency on our current home since our income qualifies is to hold both mortgages at the same time, so we have time to list and sell separately.