Mortgage Loans

[maryellis1981]

Hi Everyone,

Hoping somone can help

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!

[bosox52981]

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.

[Booner72]

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.

[boomhower]

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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.

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

[ChangiBear]

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).

[Catacam]

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!

[maryellis1981]

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.

[K_J]

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