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Posts: 2
Registered: ‎10-04-2012
Why can't I use money I set aside for Closing?

I applied for a loan through Bank of America, and was given a conditional approval a few weeks ago. I have met all conditions, but yesterday my lender informed me that I cannot use the money I have for closing. He said that when the underwriter checked the money coming in going out of the account, the only usable amount was the down payment we gave. The money for the closing cost came from my 401K which I have given them all documents required for this. I don't understand why this is not usable? Any advice? Thanks!!