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Member
blbarnes
Posts: 7
Registered: ‎01-24-2013
0

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
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
0

Re: Down payment Question ?

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

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

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! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Regular Contributor
JonRun
Posts: 149
Registered: ‎04-29-2012
0

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
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
0

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
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