Credit Cards Center Credit cards from our partners
Reply
Established Member
Posts: 23
Registered: ‎08-22-2007
0

When do I actually need the cash?

My DH and I are ready to purchase our first home this summer.  We will be ready to start looking in June - July and plan to put 3% down.  We won't actually have the 3% until August.  My question is this - can we get a "pre-approval" without the money actually in the bank?  Can they just tell us we need it by closing?  Or do we need to prove we have the cash upfront?
Senior Contributor
Posts: 3,240
Registered: ‎04-03-2008
0

Re: When do I actually need the cash?



ficowarrior wrote:
My DH and I are ready to purchase our first home this summer. We will be ready to start looking in June - July and plan to put 3% down. We won't actually have the 3% until August. My question is this - can we get a "pre-approval" without the money actually in the bank? Can they just tell us we need it by closing? Or do we need to prove we have the cash upfront?





I think you need at the very least to document why you are confident you will get the money and no plausible contingency is likely to prevent you from getting the money.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Super Contributor
Posts: 7,655
Registered: ‎07-03-2007
0

Re: When do I actually need the cash?

where is the money coming from?
 
* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' (and now Louisiana)since 2004

* The Loan Officer who you can call anytime... and answers your questions Nights & Weekends

New Contributor
Posts: 101
Registered: ‎10-10-2007
0

Re: When do I actually need the cash?

We talked with our realtor/broker about both options (paying dp, and having seller pay), and we did not need any proof when we were pre-qualified. 
Frequent Contributor
Posts: 252
Registered: ‎06-27-2007
0

Re: When do I actually need the cash?

This is what I want to actually do when I apply for a mortgage. I don't have the funds in the bank but I am 100% positive that I will have my 3% down on my loan in a couple of months. THe only problem is finding a lender that can provide this option for me. I don't actually want to go out there and apply with a lender who doesn't do this.
 
Does anyone know if all lenders can accept this situation or do they vary? I live in Houston Texas and I am thinking of applying for a pre-approval mortgage in abobut 1 month.
 
Thanks
Greg 
As of 3/17/08 - TU 619 / EQ 666 / Ex 624
As of 4/17/08 -TU 621 / EQ 671 / Ex 626
As of 6/07/08 - TU 627/ EQ 688 / EQ 644
Valued Member
Posts: 37
Registered: ‎03-18-2008
0

Re: When do I actually need the cash?

When we went and got a preapproval they asked to see our bank statements to see that we had money in our accounts. If you find a house quick you will need money up front for the deposit and inspection/apprasail.
Super Contributor
Posts: 8,415
Registered: ‎09-28-2007
0

Re: When do I actually need the cash?

theshadow12345 & ficowarrior , as long as you can demonstrate where the money is going to come from (meaning you have to provide the source of the down payment funds) by either providing documentatin from the source of the funds or providing a letter of explanation where they will be coming from - that should suffice to get a pre-approval with.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.