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What do I actually need before applying? (funds, statements, etc.)

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Juniper117
Contributor

What do I actually need before applying? (funds, statements, etc.)

I am hoping my score will go up to 640 in 2 weeks. I want to apply right that second- we are in a huge hurry because of a landlord issue (he is hammering out the details of a short sale and we have a month-to-month lease).

 

Part of my downpayment will come from the sale of a (paid-for) vehicle. Can I apply before the funds are actually in my account? Obviously, I understand that funds must be sourced and everything gone over again before closing can occur. But can I be told a yes or no before I have the money in the account?

We are anxious to know either way so we can make appropriate arrangements. We have very little wiggle room, time-wise, and know that every second counts.

 

ETA: I saw a thread that discussed this from 2009, but I know a lot has changed since then...

 

Also, I am getting my SLs to send me letters detailing my payment amounts, etc. Will I need all of these before preapproval?

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StartingOver10
Moderator Emerita

Re: What do I actually need before applying? (funds, statements, etc.)

Yes, you can apply before you have the funds in your account. 

You would disclose your plan to sell a vehicle. They will want to see a bill of sale and all the docs for the vehicle sale including the check/money order etc that is paid to you plus the deposit slip into your account. It is, as you correctly indicated, sourcing your funds. The approval will be subject to the funds being in your account and proof of funds. The underwriter will have to see everything before you close.

 

You can get a pre-approval without the payment letter for your student loans.

 

 

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