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I can't raise full down payment due to shortage in gift as agreed .

I can't pur my full down payment due to shortage in gift as agreed . The loan amount is approved  by lender . Can I cancel the contract under mortgage contingency ?
  • October 26 2013 - Devon-Berwyn
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Answers (3)

Profile picture for user4490230
The home value is 600 K  and FHA loan LTV ration is 75/25 %
My contract has 450 K as Loan amount in contract which is 75 % of home price .
The lender is giving me a loan for 417 K because, I am not eligible for jumbo loan. Remaining loan amount is provided as line of credit.

25 % of 600 which is down payment , i am raising as gift and bank deposit . The problem is in Gift and I can't get the gift and can't get the down payment .
Will I lose my deposit which was 20 K or can I get my money back because of mortgage contingency 

  • October 26 2013
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Profile picture for user4490230
No , The contingency was only for Mortgage
  • October 26 2013
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Profile picture for wetdawgs
This is going to be a tough one.  Did you have a contingency for down payment?
  • October 26 2013
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