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Downpayment Question

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Anonymous
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Downpayment Question

My husband and I were pre-approved, however it was held up in manual underwriting as we don't have the downpayment amount in the bank at this time (closing isn't until November 1st).  Is it a known thing that you have to have the downpayment amount in the bank before it'll go through manual underwriting?  I figured any

loan would of course be contingent on meeting the downpayment and purchase agreement.

 

So we lost the lower rate lock apparently, because of this.  The LO didn't inform us until manual uw sent it back to him asking.

Message Edited by eternallycrstn on 06-02-2009 09:17 AM
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Anonymous
Not applicable

Re: Downpayment Question


@Anonymous wrote:

My husband and I were pre-approved, however it was held up in manual underwriting as we don't have the downpayment amount in the bank at this time (closing isn't until November 1st).  Is it a known thing that you have to have the downpayment amount in the bank before it'll go through manual underwriting?  I figured any

loan would of course be contingent on meeting the downpayment and purchase agreement.

 

So we lost the lower rate lock apparently, because of this.  The LO didn't inform us until manual uw sent it back to him asking.

Message Edited by eternallycrstn on 06-02-2009 09:17 AM

Yes to get the loan approval your required to have all funds (downpayment and closing costs) in the bank even if your closing later.  Whether or not they are gonna make you submit monthly bank statements to show you still have the required funds is anither thing

Message 2 of 2
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