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Valued Member
maryellis1981
Posts: 33
Registered: ‎04-12-2011

Downpayment

Hi Everyone,

 

Hoping somone can help :smileyhappy:

 

My bank is requiring a 10% downpayment in order to get a loan.  I will be getting preapproval in the September however by my calcautions, I won't have quite 10%.  I will be about 2k short but I will have 10% by the time I can close around end of November/ begin of December.  Do you think the bank would want to see the 10% in my account for preapproval?  Or will I be okay if I don't have the full downpayment until the closing date?

 

Thnx!

Established Member
bosox52981
Posts: 18
Registered: ‎07-18-2011

Re: Downpayment

Depends on the bank I would think. Our bank didn't need all funds (downpayment+closing) at the time of preapproval. They are requiring it before they will clear the loan though.

Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011

Re: Downpayment

It will need to be there by the tikme the loan officer finalizes everything and sends it off to the underwriter, which is after you get appraisal, inspection, so you have time.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Valued Contributor
boomhower
Posts: 1,863
Registered: ‎09-20-2011

Re: Downpayment


Booner72 wrote:

It will need to be there by the tikme the loan officer finalizes everything and sends it off to the underwriter, which is after you get appraisal, inspection, so you have time.


That's how mine did it as well.  It had to be in there for it to go to UW.

New Contributor
ChangiBear
Posts: 60
Registered: ‎03-18-2012

Re: Downpayment

With my lender, I don't have to have the money until I close, but the lender that my realtor wanted me to use wouldn't talk to me until I had the full downpayment (grrrr).

Cleared to Close on 9/9/13!
Closing on 9/17/13

8/31/12 FICO 733 (lender pulled)
1/7/13 Transunion 718, Equifax 710 (MyFico)
2/20/13 Equifax 729
8/13/13 Ex 751, Eq 766, TU 741 (all lender pulls)
Frequent Contributor
Catacam
Posts: 491
Registered: ‎02-06-2012

Re: Downpayment

We don't need to have money until closing either, and in fact, the underwriters said that Broker can verify bank statements and that they don't even need to see it. My brokers was super shocked, but it will make the process quicker!

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


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Valued Member
maryellis1981
Posts: 33
Registered: ‎04-12-2011

Re: Downpayment

Thanks for the insight everyone!  It looks like I will need to check with my bank just to be clear what their specific requirement is... worst case they want it when I apply I think my family may be able to help me out.

Regular Contributor
K_J
Posts: 209
Registered: ‎01-31-2012

Re: Downpayment

Good Luck, I hope it all works out for you.

Starting Score: EQ: 532, EX: 569, TU: 621 (All lender pull 10/15/11)
Current Score: EQ: 660,lender pull 4/13, EX: 671 lender pull 4/13, TU: 691 lender pull (4/13)
Goal Score: 700


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