Will lender verify cash reserves again?

Anonymous · ‎12-16-2015

I received my CTC and closing disclosures today. I am set to close 12/22. I was approved with compensating factors required to show 3 months reserve.

I had planned to buy my son a puppy for Christmas. The puppy was not suppose to be ready for pick up until next week 12/23. The breeder called saying he is going out of town and I have to pick up today or tomorrow. Will they verify funds again?

StartingOver10 · ‎12-16-2015

@Anonymous wrote:
I received my CTC and closing disclosures today. I am set to close 12/22. I was approved with compensating factors required to show 3 months reserve.

I had planned to buy my son a puppy for Christmas. The puppy was not suppose to be ready for pick up until next week 12/23. The breeder called saying he is going out of town and I have to pick up today or tomorrow. Will they verify funds again?

I would NOT spend that $$$ you need to show for reserves until after you close and fund.

ezdriver · ‎12-16-2015

Only the lender knows. Do you seriously want to take the risk?

tufa4311 · ‎12-16-2015

@Anonymous wrote:
I received my CTC and closing disclosures today. I am set to close 12/22. I was approved with compensating factors required to show 3 months reserve.

I had planned to buy my son a puppy for Christmas. The puppy was not suppose to be ready for pick up until next week 12/23. The breeder called saying he is going out of town and I have to pick up today or tomorrow. Will they verify funds again?

How about put a hold on the puppy and buy your son a house for xmas?

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olehammer · ‎12-16-2015

+1

Peteyglad · ‎12-19-2015

How did it turn out with the puppy? I know my lender verified cash reserves a second time a few days before closing just to make sure everything was good to close.

Anonymous · ‎12-19-2015

I have a buddy who had a closing delayed for adding money from an investment account to his savings account. He has FICO scores over 800 no debt and makes 220k a year bought a 350k house with 70k down and they still got nervous and delayed the closing for over a week and he had to provide a written explaination and documentation to prove the source of the funds. If they were willing to delay his closing I suspect they would do the same for you if they verify the funds.

msmsm · ‎06-09-2016

I would tell him tough **bleep** - adapt and overcome. My 7 year old would be bummed out but he'd understand.