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Down payment Question ?

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Member

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,

Message 1 of 5
4 REPLIES
Valued Contributor

Re: Down payment Question ?

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

Message 2 of 5
Valued Contributor

Re: Down payment Question ?

You will still need earnest money to make an offer.
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Message 3 of 5
Regular Contributor

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.
Message 4 of 5
Valued Contributor

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!
Message 5 of 5