Mortgage underwriting: problems with small transaction?
We have been pre-approved and moving forward with a home, using a VA benefit towards closing costs and financing without downpayment.The underwriters of our mortgage have our transaction statements from our bank account, and they are asking to confirm a single cash deposit of $400 almost 2 months ago and its purpose. Our receipt from the bank shows "cash" , because thats what it was. It literally was small bills, we cleaned out our cars (was trading one in), went out to dinner and we paid the bill and our dinner guests gave us cash towards the bill, and just left over cash (you know, you pull out $100 and only spend $30, etc etc). Our accounts have a history of a few withdrawals and then one deposit afterwards. I told our mortgage lender that, and she seemed concerned. We have plenty in savings (over $8000 in regular savings not including 401k. TSP, share certificates and money markets - well over 10k in those) make over $100k a year with great credit scores and good financial history. Should I be concerned? Should I seek another mortgage provider?*Note: The above transactions - the withdrawals, the restaurant bill, etc - is all thru our debit account. We don't use credit cards for daily purchases. It seems that this small issue could hold up our purchase, where our P&S accepted offer is dependent on a quick closing
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