@Anonymous wrote:
I am wondering about this. I received my approval letter today with some things I have to show. One of the things they are asking for is $XX amount of money in my bank account. I have enough to cover the down payment but I didn't know I needed more and if I had know I wouldn't have paid cash for the inspection of $450 and then another $1000 to the real estate agent. So what now? Are they not supposed to tell you that? I can pull it from my 401K but do they check that? They said any deposit would have to be explained and seasoned.
The reason I am also wondering is I sent them my 2 months bacnk statements 2 weeks and it showed then that I did not have $xx of money readily available. Why are they asking fro something that has not changed in 2 weeks?
I would think that money in your 401K will count as reserves, because it's your money. Call your LO and ask just to be sure, but I've heard that your 401K is your money, so it counts, so long as you can access it.
I don't have $1K in my 401K yet, so I can't use that for a downpayment or anything because I can't withdraw or borrow against it.
