August 2017 closers

[Anonymous]

Mike- they will ask for 2 months of statements when you submit your application and you will have to explain any cash deposits. Some say over x% of payroll but my experience was every single cash deposit from 100.00 to 1350.00 and even the 1350 was less than 19% of my monthly gross. Just avoid cash deposits. Then they can ask for statements throughout the process and any cash deposits again will have to be explained.

You will pay earnest money toward the seller when you write the offer for the home you wish to purchase . Write that check on whatever account you will use throughout the process (the one with payroll deposits). This will create the paper trail for your earnest money. Your realtor will put that money into a escrow account. That amount will be subtracted at the end from your "closing costs".

Borrowed money is not allowed for housing purchases. Not from credit cards, loans or friends or family.

[Anonymous]

The reason all cash is sourced is to prevent borrowed funds or money laundering.

[Mike2]

Thanks! Got it!

[archliberal]

one more at the buzzer

Purchase Price: $245000
Signed Contract: 8/1/2017
Location: NC
Property Type: Single-Family Home
New/Existing: existing
Type of Loan: 30YR conventional
Loan Rate: 4.5 (locked a week too soon could have been lower)
Pre-Approval: 6/30/2017
Appraisal: completed 8/15/2017
Clear to Close: 8/25/2017
Closing Date: 8/31/2017
Closed On: 8/31/2017

[Anonymous]

Closed 8/28/17  

We've been so busy & EXCITED with moving and getting settled in that I didn't get a chance to update here

Purchase Price: $340000
Signed Contract: 7/28/2017
Location: TX
Property Type: Single-Family Home
New/Existing: existing
Type of Loan: 30YR VA
Loan Rate: 4%
Application: 7/31/2017
Appraisal: completed 8/7/2017
Clear to Close: 8/18/2017
Closing Date: 8/28/2017
Closed On: 8/28/2017

Because of this message board I found a lender with a better rate, lower closing costs and who specializes in VA Loans.  Shop around if you know your credit is good.  I literally processed my application with this lender on 7/31/17, inspection completed on 8/2/17, appraisal on 8/7/17, approval from underwriting on 8/10/17, clear to close on 8/18 and closed ON TIME 8/28/17...forever grateful for a forum such as this