topic Re: Will lender verify cash reserves again? in Mortgage Loans

Will lender verify cash reserves again?

Anonymous — Wed, 16 Dec 2015 21:23:59 GMT

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?

Re: Will lender verify cash reserves again?

StartingOver10 — Wed, 16 Dec 2015 23:52:45 GMT

@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.

Re: Will lender verify cash reserves again?

ezdriver — Thu, 17 Dec 2015 02:10:20 GMT

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

Re: Will lender verify cash reserves again?

tufa4311 — Thu, 17 Dec 2015 02:26:05 GMT

@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?

Re: Will lender verify cash reserves again?

olehammer — Thu, 17 Dec 2015 02:46:34 GMT

Re: Will lender verify cash reserves again?

Peteyglad — Sun, 20 Dec 2015 03:48:28 GMT

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.

Re: Will lender verify cash reserves again?

Anonymous — Sun, 20 Dec 2015 07:08:47 GMT

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.

Re: Will lender verify cash reserves again?

msmsm — Thu, 09 Jun 2016 16:23:45 GMT

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