Home Loan Question

You question is confusing... under most lending programs, the lenders don't allow borrowed funds to purchase a home, and the days of 80/20 loans are long gone.. These questions are best suited for your loan officer who is familiar with your complete loan scenario.. if you're not working with a broker then the best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Is the money your needing to borrow a mortgage or for down payment? The exact amounts will be calculated with your loan officer and don't need to be exact for the application process.

When purchasing a home you will not be able to recieve any funds at closing. Generally your loan officer should be able to wrap most if not all of the closing costs into your new loan leaving you with just the down payment needed at the closing table. There are also down payment assistance programs out there that may be able to help you with your down payment if you qualify for their program.

Sounds like you need a good realtor and mortgage lender because they should be able to help you structure the deal properly.

You do not need to borrow money upfront before you get approved, You can structure a gift letter, and if anyone is telling you that you need to have the funds first, upfront, into the loan first, put down in escrow, etc run,, all the financial transactions are done at closing ,