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Not to nitpick, but the "stable" part isn't necessarily true. If the money is just being used for a down payment, and not being cited as recurring income, they
by cryptohousethwy 5y ago
Not to nitpick, but the "stable" part isn't necessarily true. If the money is just being used for a down payment, and not being cited as recurring income, they wouldn't care whether it's stable.
Side note: I still can't make sense of why lenders care about the money's source being legitimate but the title company doesn't, per my experience: https://news.ycombinator.com/item?id=28163885 https://news.ycombinator.com/item?id=28163885
- stouset 5y agoWell, I was conflating two things for simplicity’s sake. They care that the down payment came from legitimate savings with a documented history, to ensure it’s not from another loan they’re not aware of. And they care that your reported income is stable (you’re reliably employed with a reasonably predictable income stream) so they can reasonably expect you’ll continue to be able to make monthly payments.