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Old 02-25-2010, 07:56 PM
 
5 posts, read 8,988 times
Reputation: 10

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I'm going with an FHA loan because I can't afford the typical 20% down payment. I have everything in line except it will take me a couple weeks to get the 4k that I need for the 3.5% down payment on a house I want to buy. My question is, can I proceed with other parts of getting the loan without having the 4k in my account at this very moment? Thanks!
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Old 02-25-2010, 10:29 PM
 
Location: Philadelphia
244 posts, read 620,816 times
Reputation: 166
If $4000 appears in your account all at once they will definitely want an explanation of where it came from.
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Old 02-25-2010, 10:48 PM
 
Location: Anchorage, AK
73 posts, read 245,218 times
Reputation: 61
Byoak is right......if you plop the down payment money in your account all at once your lender will want to knwo where it came from.
BUT if you are just wanting to wait a couple weeks and save up your paychecks, that wouldn't be a problem. Just let your lender know what you are doing and you should be fine.
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Old 02-25-2010, 10:50 PM
 
5 posts, read 8,988 times
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Thanks for the quick responses. I found a house I like and I don't want it to get away along with the tax credit so thats my only reason for trying to push things along as fast as possible. Will they need to re-run my credit again? Or how will they want to verify I have the funds?
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Old 02-26-2010, 08:34 AM
 
4,546 posts, read 11,561,578 times
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Quote:
Originally Posted by victoryismine06 View Post
I'm going with an FHA loan because I can't afford the typical 20% down payment. I have everything in line except it will take me a couple weeks to get the 4k that I need for the 3.5% down payment on a house I want to buy. My question is, can I proceed with other parts of getting the loan without having the 4k in my account at this very moment? Thanks!
As long as you have "acceptable" funds in your account by closing time you are good to go.
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Old 02-26-2010, 08:59 PM
 
5 posts, read 8,988 times
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Ok. Thanks everyone for clearing up my questions so fast!
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Old 02-27-2010, 08:09 PM
 
275 posts, read 646,998 times
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I am just going through the FHA loan process now and they wanted to see my down payment plus 4% closing costs in my bank account. I have already sent them three months worth of bank statements, along with explanations of all deposits etc...I have a month to close and they are still asking for stuff. I was told I would not get the mortgage commitment letter until I show not only the down payment but also the full closing costs in my bank statements. It has been a frustrating experience and still not over.
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Old 03-01-2010, 09:04 AM
 
39 posts, read 111,119 times
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still waiting for the letter of pre-approval
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Old 03-06-2010, 01:23 PM
 
Location: Plano, TX
75 posts, read 218,507 times
Reputation: 24
Yes, you can be preapproved 'subject to' the cash to close. I do it all of the time for clients.
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Old 03-06-2010, 05:30 PM
 
Location: MID ATLANTIC
7,606 posts, read 17,658,297 times
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Make sure you follow your loan officer's instructions to the letter. Some of the biggest screw ups are "gifts" that are not properly documented. Don't make any non-payroll deposits without making a copy of the check first, if the funds are not going to be a gift.
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