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Full downpayment needed for pre-approval?

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joshall
Contributor

Re: Full downpayment needed for pre-approval?

Thanks! I also hope OP will get this point too. Smiley Happy

Message 11 of 14
skigirl916
Established Contributor

Re: Full downpayment needed for pre-approval?


@StartingOver10 wrote:

@joshall wrote:

From what Shane (Shanethemortgageguy) told me, you do not have to show you have ALL the closing cost when you are being preapproved.  As long as you can show that you are on your way to fulfill the full closing cost when it is closed, you are fine.

 

Can anyone please clarify this?  I may have understood it incorrectly.

 

 


Yes you understand correctly.


That was not the case with my lender. I had to show it all.

Message 12 of 14
StartingOver10
Moderator Emerita

Re: Full downpayment needed for pre-approval?

skigirl, did you happen to go to a big box bank? They are much more conservative in their guidelines.

Message 13 of 14
frugalQ
Valued Contributor

Re: Full downpayment needed for pre-approval?

for us, we got our conditional approval..one of the conditions is show funds to close.  we don't have the full amount in our account as it's coming from maturing assets.  however, we have been able to provide documents showing where the funds will come from.

AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 14 of 14
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