I am pre-approved for a mortgage and am actively looking. Lately, everything that can go wrong has gone wrong and I have loaned a family member $ 7500 and had air conditioner replacement and some other work done on current property which is a rental. I am trying to figure out if these large expenditures are going to negatively impact my mortgage approval. There has been no negative change in my credit report but I have gone from approximately $ 62,500.00 in my bank account to $ 47,500.00. (I anticipate needing $ 37,500.00 for down payment and closing costs).
I intend to discuss with my lender but I wanted to get a feel for how big of an issue this is before I initiate the discussion.
Thank You for your assistance. This forum is awesome! I have enjoyed lurking for years but today I am forced to enter .