Getting an FHA without money in my account
I have plans on taking out an FHA loan because I couldn’t afford the usual 20% down payment. I have everything in line excluding the fact that it will take me several weeks to get the $4k that I need for the 3.5% down payment. So I was wondering if I can proceed with other parts of getting the loan without having the money in my account at the moment. by jerome881 from Maricopa, Arizona. Sep 9th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Yes, and no. Yes, the lender can review your file for everything, but of course you are not really approved until you have what you need for cash to close (down payment plus closing costs). You can 'save up' while waiting to close too... But my experience over the decades says you are better off to not put the cart ahead of the horse, and have the money before signing any purchase agreement. Next, very few people have ever 'needed' 20% for downpayment. That is a very common misunderstanding. I lend for FHA loans, VA loans, and more in MN WI IA ND and SD. Find me at VALoanMN.com - Cambria Mortgage. NMLS 274132
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