Im curious about how the seasoned funds stipulation works. I am planning to have 10K in the checking account when I go to get preapproved June 1. As of right now, I only have about 5 in the account. The reason for this is just because I've been using all my additional income to pay down debt, and otherwise prepare for a potential move. Also, in may, I get an extra paycheck from work and I am recieving some freelance payments with a company through which i do contracting.
The freelance company is a legitimate arrangement even though they were not on my taxes last year because I didn't start until this year, so the source of income is verifiable.
My question is, if I hit the 10K mark on May 16th, am I safe to go get preapproved on June 1, or do I need to wait longer?
I am in a similar situation. I am planning on using a CD that is maturing in August for my downpayment/closing etc. I called and spoke to a mortgage lender and they said that they do preapprovals etc all the time with the conditions of verifiable money at a later date. I am actually meeting with them next week to take all my paperwork in and begin the processes with the proven documents that I will have X amount in August.
I am sure the actual experts on here will have more to say.
