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Super Contributor
Posts: 7,360
Registered: ‎07-03-2007
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Re: DO I HAVE A CHANCE

down payment cannot be borrowed. unless you borrow against an asset you own(borrow against the title of a previously paid off car).

 

you can get a gift from family though.

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

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Established Member
Posts: 25
Registered: ‎08-13-2010
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Re: DO I HAVE A CHANCE

Ok im definitely going to look into the program assistance for more infornation, i do appreciate it..


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Established Member
Posts: 25
Registered: ‎08-13-2010
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Re: DO I HAVE A CHANCE

Well another question I have is can I at least get pre-approved for a loan even without the down payment money just too see how much I can get and how much money I would need down?


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Super Contributor
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Re: DO I HAVE A CHANCE


rhowar2199 wrote:

Well another question I have is can I at least get pre-approved for a loan even without the down payment money just too see how much I can get and how much money I would need down?


 

yep. done all of the time.

 

pre-approval is 'subject to' saving the down payment funds

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' (and now Louisiana)since 2004

Established Member
Posts: 25
Registered: ‎08-13-2010
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Re: DO I HAVE A CHANCE

So im other words i dont need the down payment money up front to just get preapprove for a loan? I was told that I needed that money before I even apply for a loan


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Super Contributor
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Re: DO I HAVE A CHANCE


rhowar2199 wrote:

So im other words i dont need the down payment money up front to just get preapprove for a loan? I was told that I needed that money before I even apply for a loan


 

nope. you do not need it.

 

the pre-approval will carry conditions. Like the property appraises and no material changes in financial status from time of pre-approval to closing.

we can add any condition we want.

your condition would be to secure acceptable funds for down payment.

 

i actually encourage people to apply early, even if they aren't ready. So the loan officer can make sure they don't have any other hurdles.

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' (and now Louisiana)since 2004

Established Member
Posts: 25
Registered: ‎08-13-2010
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Re: DO I HAVE A CHANCE

Please explain to me what I need to do to get pre-approve.. Also the steps I needs to take once im approved


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Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
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Re: DO I HAVE A CHANCE

When you dont have the money in savings already they will question where the funds come from when you present them. You need to be able to account for where it came from with bank statements, gift letters, as a few examples.

If you want to apply pick a LO or Broker and submit the application. Most companies have an application on line. They will pre approve if qualified and give you everything you need to start the home shopping process. How much pre approved for and a GFE for all fees.
Good Luck
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Established Member
Posts: 25
Registered: ‎08-13-2010
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Re: DO I HAVE A CHANCE

So it is possible to at least find out what I am approve for without my down payment money first?


Starting Score: 640
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Super Contributor
Posts: 7,360
Registered: ‎07-03-2007
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Re: DO I HAVE A CHANCE


rhowar2199 wrote:

So it is possible to at least find out what I am approve for without my down payment money first?


correct

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' (and now Louisiana)since 2004

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