Credit Cards Center Credit cards from our partners
Posts: 7
Registered: ‎01-24-2013

Down payment Question ?

I want to close on a house sometime in June 2013 if all goes well. I have money saved up in my bank accounts for really days and for misc. purchases. I wil receive l a lump sum salary at the end of May for working in a leadership role at a my school. This payment is additional to my monthly salary. I'm using the lump sum payment for the down payment of a home. My question is if I want to move in June should I apply for the loan in April or May until the funds are available at the end of May. I am seeking a conventional loan. When I purchased my first home with a FHA loan I had to have the earnest money in order to get approve and the rest at the closing time. I know so much has changed in the mortgage industry since I purchased my first home.


Thanks in advance,

Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011

Re: Down payment Question ?

I would have the money in the bank before you do your app

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012

Re: Down payment Question ?

You will still need earnest money to make an offer.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Regular Contributor
Posts: 149
Registered: ‎04-29-2012

Re: Down payment Question ?

I closed on an FHA loan less than a month ago. I didn't have my down payment in my account until about a week before closing.
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010

Re: Down payment Question ?

As long as you have a paper trail, to show where the money came from.


Obviously a check written to you for bonus or work performed would have a paper trail.

Good Luck
May all your dreams and wishes become a reality!

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.