Me and my girlfriend have got pre-approved, found a home, done the inspection and appraisal. We are now waiting on final approval and still have about 1.5 months before closing date. When we first went in to talk to a mortgage broker our biggest hurdle was paying things off and coming up with a downpayment and that was all explained to her.So she told us that we would only need to have the downpayment right before closing, which we planned out and are ontrack. The only issue I see is that somethings I have read say that for final approval we need to show that we have the downpayment ready to go. My question is how far before closing do we need to get final approval if I am correct. Everything else for approval is all in place with employment, credit and debt to income ratio.Any opinions would be great. by limitless1245 from Reno, Nevada. Aug 29th 2009
If I'm reading your posts correctly - you should ask your loan officer how is she getting around the 2 month seasoning requirement for source of funds. Your funds have to be on deposit for 2 months prior to closing unless it's a gift.
Typically you need to show you have the down payment if your account for 60 days from a lending standpoint unless you are using a gift fund program that allows funds from a relative.If you would like a more detailed second opinion from a 20 year loan officer - please contact me at 949-533-9333.Bryan WilsonPresidentMagellan Capital Group & Assoc.BBB Triple rated.
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