FICO scores are 760-777, house appraises at $160K, looking to borrow $100K. Zero debt, Ratios are 18%+/- 2%. A wewek before closing and the underwriter (the third person at this lender to go over this file) wants sourcing on $15,000 in deposits from February to April because in April we put down $500. The $20,000 we put down in July has been sourced, this is a new and different documentation request.
The problem is $6,000 of it was transferred from a different account and the remaining $9,000 is gross receipts from a business I own but am not using to qualify because of lack of long term profitability (I have always reinvested the profits to grow the business, 2017 is the first time I took money out of the business). I have sufficient other income to bring my ratios to around 18% and this income is proven and documented.
Why do I need to document $15,000 in bank deposits to justify a $500 down payment?
