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x-mas bonus for downpayment?

Hello,
My wife and i are buying a condo and we are puting 5% down. we have the founds for the 5%  and we are going to get gift  for the closing costs.part of those 5% money is a x-mas bonus check from my employer.the loan officer called us today and told us that those money (the x-mas bonus check) can't be used for downpayment becous ei should have gotten 2 years in a raw x-mas bonus in order to use thatcheck for downpayment. dosen't seem right to me:( please help me with any information!!!
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January 10 2013 - Montvale
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Answers (9)

Best Answer
You can use bonuses for downpayment as long it is properly sourced and documented. It could be that if you are using the bonus to increase your income to qualify you would need a history of having received the bonus and the likelihood of it continuing needs to be expressed by your employer.
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January 20 2013
Counting the bonus as income for qualifying and using it for a down payment are two different things.  The bonus is paid from your employer so it is considered sourced and can be used right away for your down payment.  As for using it toward your qualifying income, yes you will need a 2 yr track history of receiving in order for it to be counted along with your base earnings
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January 21 2013
Are you looking at an FHA or conventional loan...in my experience only FHA will allow borrowed down payments or bonuses to be used without the seasoning...best of luck
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January 21 2013
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Yes i did make a copy of the check and yes the bonus it is mentioned on my verification of emloyment (for 2012). but my loan officer told me that i should have documentation of the last two years in a row that i have recived a bonus (regarding banks guadilances???).and i only recived a bonus for 2012.
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January 20 2013
I don't see the issue if the money given can be documented. Did you make a copy of the check to coincide with the large deposit. Was the bonus mentioned on your verification of employment? As Greg stated it doesn't seem right.
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January 20 2013
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thank you for replay. i work in the restaurant business for 3 years now. 2012 was good year for business and my boss gave me a bonus. i just want to use that bonus(check is already depoosited in my saving acc.) for the to reach the 5 % downpayment .idont know why i cant use that???

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January 20 2013
On the surface that doesn't seem right. If you want to reach out to me in my profile and we'll see if we can put together a challenge to their decision for them or perhaps we can help.
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January 12 2013
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thank you,
the x-mas bonus is allready deposited in my account more than 2 weeks. i have been only pre-approved for morgage. today we went to loan officer's office ans started the applying process for a lown. and few houres later he called and told us about the check. (it is a x-mas bonus check not a gift from a relativ check for downpayment)
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January 10 2013
Banks don't want to see any movement in your account after you've been approved. Either go to a new lender or ask your current lender how they would like to see the funds deposited. You may have to have a family member right you a check and give you a gift letter.
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January 10 2013
 
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