Failing that, you can try another lender who uses a different appraiser. GMAC suggests that friends or relatives can make a gift to you to make up the shortfall since down payments and closing costs generally can't be made up of borrowed funds. But you should make sure before you apply for a mortgage that you have enough money in verifiable accounts. And who's to say if your parents give you the money for a down payment that you can't pay them back voluntarily later, once you own the house. Don't borrow money and deposit it in your accounts shortly before applying for a mortgage with the idea of pretending it is your own.
Lenders are almost sure to take note of unusual deposits in accounts.
Generally, lenders agree that no more than 28 percent of your gross monthly income should go toward the mortgage payment. However, if your credit record is very good and if you can show that you've already successfully carried an equivalent housing expense, either through rent or your current mortgage, you may be able to convince the lender that you're the exception to the rule. It helps in this situation to have a large income, where substantial money is left over even if you are paying more than 28 percent of income for the mortgage. GMAC warns that it's also bad if you have too many creditors. Mortgage lenders are sure to check your credit record, so this is an easy problem to avoid.