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I have a full time job that pays me plenty of money but I have also been doing contract work on the side to save for a house sooner. The contract work doesn't pay a huge amount, but has been consistent fr the last few months. I haven't claimed it on taxes before because this is my first year doing it.
My question is If I want a house thats $225,000 with FHA and the down payment is 7875, and I have 7500 available right now, and will have 9500 available in the middle of may, and around 11,000 June 1, when should I start the preapproval process? All the funds are obviously sourced, I just have several contracts coming due at the same time.
Thanks much
Every dollar in my account is either from payroll direct deposit, or check paid by the company I do freelance work for. On the checks themselves it even contains the invoice number and a summary of my work in the memo section, so its definitely not from a family member, etc.
I guess I am definitely counting on the house hunt taking longer than it will for me to have my money, i just don't want to be in a bizarre situation where I have the perfect house, they accept an offer, and say, sorry, only 8000 of the 12000 you have counts, because it wasn't already in there. And then I either lose the house or do something ridiculous like have a family member "gift" me the money, and then pay them back once I close.
@mccallb wrote:Every dollar in my account is either from payroll direct deposit, or check paid by the company I do freelance work for. On the checks themselves it even contains the invoice number and a summary of my work in the memo section, so its definitely not from a family member, etc.
I guess I am definitely counting on the house hunt taking longer than it will for me to have my money, i just don't want to be in a bizarre situation where I have the perfect house, they accept an offer, and say, sorry, only 8000 of the 12000 you have counts, because it wasn't already in there. And then I either lose the house or do something ridiculous like have a family member "gift" me the money, and then pay them back once I close.
That's fine then. If you can provide a source for the deposit, and it isnt cash, you don't need to worry. Just have your paystubs and invoices ready to provide so they quickly verify source of funds.
They're trying to make sure that you're not taking out loans prior to the closing.
now is fine.
those funds are from an acceptable source.... so they dont need to be seasoned.