Ontario Mortgage : what's the best way to deal with downpayment funds only having been in the account recently
Hi, I'm hoping someone can propose a good way to deal with a downpayment where the funds haven't been in the account for a very long time.
My wife's client is pre-approved for the mortgage but now has hit a glitch because the funds for the downpayment has only been recently in her account and her broker is saying the funds have to be there for 3 months.
If any mortgage brokers think they can help, feel free to PM me. It's for a townhouse in Ottawa, price is within comps and client did get pre-approved. The complication is that the downpayment funds came from overseas (not sure the exact details) but basically two friends are each buying a house and all the funds were transferred to the friend's account and now the friend will give the client her "half" but it's not a family member so gift letter isn't an option and even with the money in her account now, it hasn't been in her account long enough the 3 month history.
Any suggestions? Let us know. Thanks,
Mike
My wife's client is pre-approved for the mortgage but now has hit a glitch because the funds for the downpayment has only been recently in her account and her broker is saying the funds have to be there for 3 months.
If any mortgage brokers think they can help, feel free to PM me. It's for a townhouse in Ottawa, price is within comps and client did get pre-approved. The complication is that the downpayment funds came from overseas (not sure the exact details) but basically two friends are each buying a house and all the funds were transferred to the friend's account and now the friend will give the client her "half" but it's not a family member so gift letter isn't an option and even with the money in her account now, it hasn't been in her account long enough the 3 month history.
Any suggestions? Let us know. Thanks,
Mike
