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Seasoned Funds for Preapproval?

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Anne1208
Regular Contributor

Seasoned Funds for Preapproval?

My husband and I have in our savings account a few thousand above what we will need for a down payment and all prepaids/closing costs...We generally put funds in our savings with the credit union a couple times a month (with each paycheck).  Everything has been from our paychecks.  Now that we have enough cash (and will continue to save between now and closing on a house), we want to apply for preapproval with the credit union tomorrow if possible.

 

For preapproval purposes will they look at the amount we've saved as of now, and worry about "Seasoned" funds for the final mortgage approval, or do they need funds "seasoned" now, as in, they will only look at what total amount we had in our account as of XX-days ago?



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StartingOver10
Moderator Emerita

Re: Seasoned Funds for Preapproval?

You don't need seasoned funds - your savings are coming from your paychecks so you can show the source of deposits. No issues there at all. Smiley Happy

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