A little background: my husband and I live in Los Angeles county and are looking to buy a home. We make a good amount of money, combined, have good credit but do not have any money for a down payment. In California there are several programs through the FHA that will assist you with your down payment if approved.
I have been speaking with a lender for the last couple days who is helping me try to secure one of these down payment assistance loans. He has already told me that my credit is fine and has just sent me a list of things he needs for the next step of the approval process. One of things he is asking for is two months of bank statements. My bank statements are fine EXCEPT in the last two months I have received financial aid (direct loan) as I am a full-time student and only work part time.
I was thinking though. Would receiving this financial aid negatively affect my ability to be approved for the FHA down payment assistance program?
Any information/advice/tips would help.
Read more: Will getting financial aid affect my FHA Loan/Down Payment Asssitance program approval?
